anything to worry just install mysql what ever u have and create alfresco database. that it u can proceed with the installation. Never seen minimum mysql version up to this moment. any way am not alfresco specialist.
The release notes of every version include a hint: The versions mentioned there are the ones, Alfresco was developed with. They are therefore not necessarily prerequisites, but only an Alfresco engineer, having insight into which functionality a version uses, could verify this.
The last Alfresco version, that was developed with your very MySQL version was 3.2r2. Interestingly, the supported stacks page you linked to says 5.1.49; while 3.4c was developed with 5.1.39 as the wiki states.
Having said that, I never updated MySQL on my servers and I successfully evaluated 3.4c with 5.0.51.
Since Alfresco 3.4.c comes with a separate MySQL installation inside its folder, you may just stop the MySQL service of your Redhat server and use the bundled, newer version? Would that comply with your contract?
Acually its rare that the version of the database is important. What seems far more important are the database drivers which do have quirks ande problems.
What the release notes hint at is the versions which are tested and known to work. That's not to say that old versions do not work, they probably will.