Instead of disabling ntpd, you should download the source for version 4.2.8 of ntp and compile it yourself. All you need is Xcode for Lion/SnowLeo. It should work on 10.6.x and 10.7.x just fine.
I have updated my 10.10 install immediately after the CVE was made public and source code released and I didn't wait on Apple to release the update.
To compile ntpd, download the source from ntp.org ( http://www.ntp.org/downloads.html ) and apply the patch for OS X/FreeBSD available here: http://bugs.ntp.org/show_bug.cgi?id=2697 (It's in the "Attachments" section; "Patch for ntpd_io.c" link; use the "patch -P1" command to actually patch the file). After applying this patch, you will be able to just run "./configure && make." Then you can copy the binaries to appropriate directories (/usr/sbin/ and /usr/bin/).