Let's try *4 instead. Not nearly as much of a win, but might be usable.
LOCAL_PATH:= $(call my-dir)
include $(CLEAR_VARS)
# compile in ARM mode, since the glyph loader/renderer is a hotspot
# when loading complex pages in the browser
#
LOCAL_ARM_MODE := arm
LOCAL_SRC_FILES:= \
src/base/ftbbox.c \
src/base/ftbitmap.c \
src/base/ftglyph.c \
src/base/ftstroke.c \
src/base/ftxf86.c \
src/base/ftbase.c \
src/base/ftsystem.c \
src/base/ftinit.c \
src/base/ftgasp.c \
src/raster/raster.c \
src/sfnt/sfnt.c \
src/smooth/smooth.c \
src/autofit/autofit.c \
src/truetype/truetype.c \
src/cff/cff.c \
src/psnames/psnames.c \
src/pshinter/pshinter.c
LOCAL_C_INCLUDES += \
$(LOCAL_PATH)/builds \
$(LOCAL_PATH)/include
LOCAL_CFLAGS += -W -Wall
LOCAL_CFLAGS += -fPIC -DPIC
LOCAL_CFLAGS += "-DDARWIN_NO_CARBON"
LOCAL_CFLAGS += "-DFT2_BUILD_LIBRARY"
# the following is for testing only, and should not be used in final builds
# of the product
#LOCAL_CFLAGS += "-DTT_CONFIG_OPTION_BYTECODE_INTERPRETER"
LOCAL_CFLAGS += -O2
LOCAL_MODULE:= freetype
include $(BUILD_STATIC_LIBRARY)