I have one of the new Pi's with 1GB ram. With a fast 64GB microsd card ($21 on black friday). I've been pretty impressed with fast it compiles with make -j4.
I'd recommend just using a project like buildroot - it's really easy to begin with, and afterwards every odd device you eventually decide you need to cross compile for (old router with a MIPS CPU, etc.) becomes just as easy.
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[ 6.5 ms ] story [ 46.1 ms ] threadCross compiling is such a pain that it is worth avoiding it if at all possible.
Cross compilers are still really difficult.
https://github.com/jwatte/teensy-canadian