Just tried it on 3.0.4 with grsecurity enabled, and it didn't work, so there.
I don't think I'll use an extra distribution. But something like a hardened LAMP/LAPP stack for shared hosting out of the box in a distribution would be great (I think in terms of easy chrooting of users and php, secure permissions, etc.pp) However, I guess everyone has different needs and there is no one size that fits for all.
1: http://en.wikipedia.org/wiki/Grsecurity