Just build b54 and only had one problem.  I did a native NT build with
the following defined:
   PACKAGEPATH="c:\\opt\\xemacs\\packages"
   INSTALL_DIR=c:\opt\xemacs\xemacs
   HAVE_MSW=1
   HAVE_XPM=1
   XPM_DIR=e:\development\libraries\xpm-3.4k
   HAVE_PNG=1
   PNG_DIR=e:\development\libraries\libpng-1.0.2
   ZLIB_DIR=e:\development\libraries\zlib-1.1.3
   HAVE_TIFF=1
   TIFF_DIR=e:\development\libraries\tiff-v3.4
   HAVE_JPEG=1
   JPEG_DIR=e:\development\libraries\jpeg-6b
   DEBUG_XEMACS=0
This link of temacs failed with the following error:
   	   link.exe @g:\temp\nma00414.
   LIBCMT.lib(tolower.obj) : error LNK2005: __tolower already defined in
libc.lib(tolower.obj)
   LIBCMT.lib(tolower.obj) : error LNK2005: _tolower already defined in
libc.lib(tolower.obj)
   LIBCMT.lib(osfinfo.obj) : error LNK2005: __alloc_osfhnd already defined in
libc.lib(osfinfo.obj)
   LIBCMT.lib(osfinfo.obj) : error LNK2005: __set_osfhnd already defined in
libc.lib(osfinfo.obj)
   LIBCMT.lib(osfinfo.obj) : error LNK2005: __free_osfhnd already defined in
libc.lib(osfinfo.obj)
   LIBCMT.lib(osfinfo.obj) : error LNK2005: __get_osfhandle already defined in
libc.lib(osfinfo.obj)
   LIBCMT.lib(osfinfo.obj) : error LNK2005: __open_osfhandle already defined in
libc.lib(osfinfo.obj)
   LIBCMT.lib(dosmap.obj) : error LNK2005: __dosmaperr already defined in
libc.lib(dosmap.obj)
   LINK : warning LNK4098: defaultlib "LIBCMT" conflicts with use of other libs;
use /NODEFAULTLIB:library
   ..\src\temacs.exe : fatal error LNK1169: one or more multiply defined symbols found
   NMAKE : fatal error U1077: 'link.exe' : return code '0x491'
   Stop.
Adding "/NODEFAULTLIB:LIBCMT" to the link line of temacs fixed the
problem.  Here is the patch:
*** xemacs.mak.old Sun Aug 23 11:20:52 1998
--- xemacs.mak Sun Aug 23 11:21:32 1998
***************
*** 896,902 ****
  #	!"cd $(TEMACS_SRC); cp paths.h.in paths.h"
  
  $(TEMACS): $(TEMACS_INCLUDES) $(TEMACS_OBJS)
! 	link.exe @<<
    $(TEMACS_LFLAGS) $(TEMACS_OBJS) $(TEMACS_LIBS)
  <<
  
--- 896,902 ----
  #	!"cd $(TEMACS_SRC); cp paths.h.in paths.h"
  
  $(TEMACS): $(TEMACS_INCLUDES) $(TEMACS_OBJS)
! 	link.exe /NODEFAULTLIB:LIBCMT @<<
    $(TEMACS_LFLAGS) $(TEMACS_OBJS) $(TEMACS_LIBS)
  <<
--
John Morey