debian would be the least resistance (running Xephyr?) probably.
The CodeSourcery 2007q3 TC would be the native choice...
newer ones can be coaxed into service also, with caveats...
I checked and there is a private i386? repo as well as the older debian offering.
You could go down the build from source route on the device itself inside debian. that is one option I suppose.
But there is an armel version in debian. I grabbed it down to have a look. seems simple enough two bins, a soundmanager and the app bin.
You say a command line version.. however...
if you don't want to do that. There is a pile of info on TC and resources on the KEK thread.
There is additionally research now to show how to build (with support of)
and gtk or sdl
already on this forum so perhaps a frankensteins monster buildroot setup could be your friend. I notate that on the BUILDING GTK thread
Hope that helps