you can build qt/e & qtopia with gcc3, but the problem is that all the object files and libraries are then incompatible with gcc2 code...
you could in theory have two different sets of libraries on the system but it gets very complex too quickly!
from my experience kernel 2.6 only builds with gcc3, so thus for sharp compat you end up with kernel 2.4 with gcc2.9 libraries etc
so, if you really want a sleek optimised experience go with OpenZaurus with 2.6 kernel and gcc3 compiled libraries and applications.