One step closer...  It looks like the problem is actually libpng, not freetype...

From config.ep:
gcc -D_ISOC99_SOURCE -D_POSIX_C_SOURCE=200112 -D_FILE_OFFSET_BITS=64 -D_LARGEFILE_SOURCE -D_POSIX_C_SOURCE=200112 -D_XOPEN_SOURCE=600 -DPIC -O2 -g -pipe -Wall -Werror=format-security -Wp,-D_FORTIFY_SOURCE=2 -fexceptions -fstack-protector-strong --param=ssp-buffer-size=4 -grecord-gcc-switches -m64 -mtune=generic -fomit-frame-pointer -std=c99 -fomit-frame-pointer -fPIC -pthread -I/usr/include/freetype2 -c -o /tmp/mythtv_conf.ouu274d1.o /tmp/mythtv_conf.kdxRXim8.c
gcc -Wl,--as-needed -o /tmp/mythtv_conf.e4ylrk2y /tmp/mythtv_conf.ouu274d1.o -lfreetype -lz -lpng16 -lxvidcore -lx264 -lvpx -lvpx -lvpx -lvpx -lvorbisenc -lvorbis -logg -ltheoraenc -ltheoradec -logg -lmp3lame -lcrystalhd -lm -luuid -pthread -lz
/usr/bin/ld: cannot find -lpng16
collect2: error: ld returned 1 exit status
ERROR! You must have FreeType installed to compile MythTV.

I'm guessing linpng soname was bumped in rawhide?

Thanks,
Richard