I also have a working GCC 3.4.4 / GLIBC 2.2.5 iWMMXt toolchain, build without patches through crosstool.
Testing the hello and hello2 applications, both linked and static, yielded the following results:
$ ./hello1
Hello, world! LONG_MIN is -2147483648, PATH_MAX is 4096
$ ./hello1static
Illegal instruction
$ ./hello2
./hello2: error while loading shared libraries: libstdc++.so.6: cannot load shared object file: No such file or directory
$ ./hello2static
Illegal instruction
What does this mean?