i don't recomend this option cause it affects performance - i suggest enabling it for testing if the lack of crypto algorithm is the cause of your error (i had number 253 in my error but...)
if it's the case then after enabling it everything should work (very slow though).
if you can't mount volume despite enabling it your problem lies somewhere else (probably:P)
i have compiled in the kernel (on my laptop), but if you can't reboot your system (without X -> i guess server) you can compile them as modules (device mapper as well)
I came to this solution recalling old days when truecrypt was kernel module, and loading it required all other crypto modules loaded:)
good luck