the following patch adds ARMv5 supportt to gcc.
(patch file with proper formatting also attached.)

--- APKBUILD.orig       2016-01-10 19:00:15.000000000 +0200
+++ APKBUILD    2016-01-11 13:23:57.272358376 +0200
@@ -255,6 +255,7 @@
        case "$CTARGET" in
        armv7-*-*-*eabihf)      _arch_configure="--with-arch=armv7-a
--with-tune=cortex-a15 --with-fpu=vfpv3-d16 --with-float=hard
--with-abi=aapcs-linux";;
        armv6-*-*-*eabihf)      _arch_configure="--with-arch=armv6zk
--with-tune=arm1176jzf-s --with-fpu=vfp --with-float=hard
--with-abi=aapcs-linux";;
+       armv5-*-*-*eabi)        _arch_configure="--with-arch=armv5te
--with-tune=arm926ej-s --with-float=soft --with-abi=aapcs-linux";;
        mipsel-*-*-*)           _arch_configure="--with-arch-32=mips2
--with-tune-32=mips32 --with-fp-32=32 --with-mips-plt
--with-float=hard --with-abi=32";;
        i486-*-*-*)             _arch_configure="--with-arch=i486
--with-tune=generic --enable-cld";;
        i586-*-*-*)             _arch_configure="--with-arch=i586
--with-tune=generic --enable-cld";;