While there may be a problem with the communication between the goldfish_fb device and the kernel that causes the timeout message (more on that later), that isn't the problem with the SDL display.
When creating the SDL display, the pixel format is set by sdl_create_displaysurface() in ui/sdl.c:169. At ui/sdl.c:194 it only sets the pixel format for the guest display to 16 bits if that is also the pixel format for the host system, otherwise it defaults to 32. This is just a case of SDL having it's own copy of the default pixel format value, so it can easily be fixed by including it as a modifiable default value.
I'll send it to the dev list once I whip up a patch to actually change the value. This can be used right now to get Android running correctly with SDL by changing the default_pixelbpp value to 16 in the source.