I compiled AlephOne originally for the Z. I'll dig it up and see if I can get the latest to compile.
One thing to note: I didn't use zgcc. Instead, I intalled a full development environment (binutils, automake, autoconf, make, m4, patchutils, gcc...) on a 4Gb CF-Drive with 512Mb allocated to swap.
If you want optimizations, let me know and I'll add them into the CCFLAGS.