Tom, I solved this for myself by creating the directory ~/.distcc/bin and running the following bash commands within it:
$this->bbcode_second_pass_code('', '
for x in gcc-4.7.2 populate gcc-ar ranlib addr2line gcc-nm readelf ar gcc-ranlib size as gcov strings c++ gfortran strip cc gprof c++filt ld cpp ld.bfd ct-ng.config ldd elfedit nm g++ objcopy gcc objdump; do
cat <<- _echo_ > arm-unknown-linux-gnueabi-${x}
#!/bin/sh
distcc ${x} "\$@"
_echo_
chmod 755 arm-unknown-linux-gnueabi-${x}
done
')