Better get it packaged, right? Initial (unofficial) packages live here. Get your mysqld instance running and shoot it a etherpad-setup-mysql-db.sh to get the database set up. It should be a matter of calling etherpad-run-local.sh from there on.
Also, it turns out that apparently somebody fixed this bug. Anyhow.
Etherpad required some fiddling path-wise, but also ships a good chunk of bundled libraries. Some of these are already in Fedora, others aren't. I compiled a list in the wiki containing the package names and some related links. You've got a minute? Cool, take a look and help us out!