After installing the PiMAME image I updated to the latest OS patches and found that AdvMAME was unstable so I'm re-compiling it. I found this link that tells me I need to use gcc 4.7 instead of the default 4.6 on the current build. In essence
export CC=gcc-4.7
export GCC=g++-4.7
With the pi cranked up to 1000MHz, the compile took
real 311m13.827s
user 239m44.460s
sys 8m51.360s