Mark,
Deamontools must run aolserver in foreground mode (-f) not inittab mode (-i). Here's my run file.
#!/bin/sh
IP=192.168.1.250
port=8001
server=s${port}
serverroot=/devel/${server}
export AOLSERVER_HOME=/opt/aolserver4
exec 2>&1
exec $AOLSERVER_HOME/bin/nsd -fzt \
${serverroot}/aolconf.tcl \
-u ${server} -g ${server} \
-b ${IP}:${port}