Yeah, -mno-unaligned-access is recent-ish (I have the exact info jotted down somewhere).
For a potentially good reason: that was the default before the option was implemenbted (IIRC, pending confirmation).
EDIT: Yup, that's since GCC 4.7 (cf.
https://gcc.gnu.org/gcc-4.7/changes.html).
And if you decide to try something up-to-date, I haven't had time to check GCC 6.1 (and the various changes, in particular the aliasing rules changes, don't necessarily make me eager to dive into it until the Gentoo tracker on that front gets thinner) yet, but I've had some wonderfully weird (and broken) experiences with GCC 5.3 until very recently... (That's with the Linaro tree, but, just to be safe, I'm going to recommend staying away from the FSF 5.3.0 release, too).
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Sorry I can't be of more help, no experience playing w/ K1. I can only reiterate what was already said, the use of µclibc adds an extra layer of "fun" to your cross-compiling hurdles...