Compiling apps inside empeg

Has any empeg owner tried to compile any software inside empeg yet?
Is 8MB memory enough for GCC to run? Including all necessary libraries, etc.

I'm planning to develop/debug software under Win32 and then just compile the same source code inside empeg, using compiler directives to separate platform dependent code (such as display/keyboard/remote controller handling).

Does anyone have any experience on this?

I can confirm that it is possible to run gcc on the empeg itself, but you will probably need to add some swap space as the available memory is very low.