Hi Jeff,
Just off the top of my head, issues are going to be:
1. PXE boot (or equivalent functionality) on the Pi's U-BOOT
2. Warewulf uses iPXE, which doesn't run on ARM:
http://forum.ipxe.org/showthread.php?tid=6808. iPXE isn't a strict requirement, you just need something that can boot a Linux kernel and initrd over the network via TFTP or HTTP. This is going to require specific dhcpd.conf configuration I'm sure.
3. The
vnfs.pl CGI script likes to use a lot of memory, so keep your VNFS size under the amount of RAM you have.
4. Stateless images live in RAM on the node, so keep them small. You should be able to use the local SD card for stateful installs alternatively.
5. You'll need to compile all of Warewulf on ARM, mainly so busybox (i.e. initfs.gz) gets compiled for arm.
6. You may run into issues with wwmkchroot and wwvnfs
Let us know as you run into problems.
Ben