If fontconfig is found, then configure proceeds to checks
on freetype version. If a too old freetype is found, then
it calls AC_MSG_ERROR.

What it should do is along the lines of

  if test $VERSION_DEC -lt $MIN_VERSION_DEC; then
    AC_MSG_RESULT($FREETYPE_VERSION)
    AC_MSG_WARNING($FREETYPE_VERSION - version $FREETYPE_MIN_VERSION from
release $FREETYPE_MIN_RELEASE required)
    use_freetype=no
  fi

And the same for the test for the existance of freetype-config.
Some splitting up of the if test "x$use_freetype" = "xyes"; 
block will be needed.