Does anyone know if installing the latest build from source is a risky route to take? Should i just stick with the package manager?
Although I live in an .rpm, and not .deb realm, fpm can do both (needs Ruby installed). I have been able to package node.js from the latest stable source without any major difficulties. In your case, the following scenario may help:
./configure --prefix=/usr
make
mkdir -p /tmp/nodejs
make install DESTDIR=/tmp/nodejs
fpm -s dir -t deb -n nodejs -v 0.8.15 -p nodejs-0.8.15.deb -C /tmp/nodejs usr