I do not like replying to my own mail but I thought I could add some more
details.
If it is a silly mistake on my side I'd also like to know. I am interested in
building a current kernel eventually.

UNPRIVED=yes USE_NEW_TOOLCHAIN=yes USETOOLS=yes DESTDIR=/var/test ./build.sh tools

ends with:

/usr/src/tools/obj/tools.NetBSD-1.6.1-i386/bin/i386--netbsdelf-gcc -Wl,-nostdlib
 -B/var/test/usr/lib/ -B/var/test/usr/lib/  -Wl,-x -shared -Wl,-soname,libc.so.1
2 -o libc.so.12.100  -Wl,--whole-archive libc_pic.a  -Wl,--no-whole-archive   -L
/var/test/usr/lib -L/var/test/lib -L/var/test/usr/lib  -R/lib -R/usr/lib
/usr/src/tools/obj/tools.NetBSD-1.6.1-i386/i386--netbsdelf/bin/ld: cannot find -
lgcc_pic
collect2: ld returned 1 exit status
*** Error code 1

Stop.
nbmake: stopped in /usr/src/lib/libc

The full log can be found at http://suchanek.ruk.cuni.cz/~hramrach/nbsd/tool_build.log[.gz]
-- 
Michal Suchanek
hramrach@centrum.cz