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Some details: The DELAYLOGIN variable controls whether or not the file /var/lib/initscripts/nologin is created during the boot process and deleted at the end of it. /etc/nologin is normally a symbolic link to the latter location, and the login(1) program refuses to allow non-root logins so long as (the target of) /etc/nologin exists. If you set the variable to no then it is advisable to ensure that /var/lib/initscripts/nologin does not exist.
On contemporary Debian systems (although change has been requested at http://bugs.debian.org/346342), if UTC is set to no then /usr/share/zoneinfo must be readable early in the boot process. If you want to keep /usr on a separate filesystem then you must still ensure that the target of /etc/localtime points to the correct zone information file for the time zone of the time kept in your hardware real time clock.