I have solved my problem by compiling the Truecrypt 7.1a source. I used the instructions here:
http://archlinuxarm.org/forum/viewtopic.php?f=5&t=422#p3603and used the source downloaded in the following way (download each of the following into a separate directory as per the above instructions):
$this->bbcode_second_pass_code('', 'wget http://prdownloads.sourceforge.net/wxwindows/wxWidgets-2.8.12.tar.gz
wget ftp://ftp.rsasecurity.com/pub/pkcs/pkcs-11/v2-20/*.h
wget http://music4dance.mine.nu/Downloads/ArchLinuxArm/truecrypt-7.1a-0-arm.pkg.tar.xz
')
I found the latest version of wxWidgets, 3.0, caused compile errors so used 2.8. This caused several compile warnings but since I am only using the command line for Truecrypt I wasn't worried. Anyway, the resulting binary seems to work perfectly without requiring any additional command line options e.g. -m nokernelcrypto.