To build a patched kernel using kernel-package, use something like:

$ make-kpkg clean
$ PATCH_THE_KERNEL=YES fakeroot make-kpkg --revision=ltt.1 --config=menuconfig kernel_image

And select the desired options in the 'Kernel tracing' section.

For now you'll have to create /dev/tracer manually for the tools to
access the module, as current major number for the device is still
taken from the "LOCAL/EXPERIMENTAL USE" range.

The doc suggests to do this with:

# insmod tracer
# mknod /dev/tracer c [number seen in /proc/devices] 0

You will probably want to make it readable by root only:

# chmod 600 /dev/tracer