For anybody interested I have set up a feed at
http://www.teco.edu/~riedel/feeds/optware/wdtvlive/cross/unstable/using the official toolchain for the wdtv. Haven't tried it myself though on the box, yet

most do not compile for similar reasons:
* the wrapper scripts from the toolchain are broken (do not wrap quotes in arguments correctly)
* libraries are not build w/ -fPIC
* for some reason cross-compilation does not work w/ the package at all
I will put all the patches here:
https://github.com/riedel/optware-wdtvliveif someone wants to fix the missing packages. Could be a basis for the official feed.
I now spend a few days trying to compile the feed as far as possible using cross-compilation and I really noticed that optware is not well maintained. It also has a
very bad build system using recursive makes (makes -j very unreliable).
For the long run switching to openwrt would be probably better. Because it is backed by much broader base of developers.
I started something here:
https://github.com/riedel/openwrt-wdtvIt already compiles a vanilla kernel w/ the wdtvlive patches and gives you an initial boot layout.
I will make a separate post about it to see if somebody cares...
BTW: you can set it up within any /opt by unpacking ipkg-opt manually following the official bootstrap instructions...