Help! My Kernal is Panic and He Is Trying to Kill Someone!!

Are you trying to use the same Kernel image you compiled on the Dev1 Kit on another custom board? If so, there lies your problem. Is the hardware on the custom board exactly same as that of the Dev Kit, in terms of FPGA, USB, etc? If there are any differences, the kernel will go into crash as the appropriate drivers have not been included in the kernel build. I would suggest you rebuild the kernel with the drivers for the new board and then try booting again.