I keep getting an error telling me to update my Binutils to version 2.9.5 and Redhat 7.0 installs with 2.10.0.18.

The version of binutils that Redhat comes with doesn't matter - it isn't set up for cross-compilation, so you need a special one anyway. Grab a source tarball of binutils 2.9.5.0.22 (for example from the source rpm in Redhat 6.2) and compile it for an ARM target. I don't have the exact instructions for doing that but I remember it being fairly painless.

Borislav