Looks like I misunderstood your import instructions in step 3. I selected "Existing Projects into Workspace", but when I re-did it using "DS-5 KPIT GNUARM-RZ/NONE Project", it worked much better.
Now, the build works up until the link step - where it fails with "cannot find libkpitgcc.a".
Anyone know where this library is specified in the project? I'd like to compare that option with my other projects to see what I should change it to...