I agree with your analysis. I'm now running with the below patch.
(I decided to look into this because I use mutt. :-))
Index: fs/select.c
*************** asmlinkage int sys_poll(struct pollfd *
*** 335,339 ****
timeout = MAX_SCHEDULE_TIMEOUT;
else if (timeout)
! timeout = (timeout*HZ+999)/1000+1;
err = -ENOMEM;
--- 335,339 ----
timeout = MAX_SCHEDULE_TIMEOUT;
else if (timeout)
! timeout = ROUND_UP(timeout, 1000/HZ);
err = -ENOMEM;
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