If anyone else isn't too fond of creating the /toolchain directory and linking to it, then you have to change the following links in /opt/openwiz/toolchain to point at the true location (the find command locates the broken links)...
peter@jaunty:/opt/openwiz/toolchain$ find . -type l | (while read FN ; do test -e "$FN" || ls -ld "$FN"; done)
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/arm-openwiz-linux-gnu-cc -> /toolchain/arm-openwiz-linux-gnu/bin/arm-openwiz-linux-gnu-gcc
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzless -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzmore
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzcmp -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzdiff
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzfgrep -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzgrep
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzegrep -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzgrep
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.la -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.la
lrwxrwxrwx 1 peter peter 168 2009-07-20 20:35 ./lib/libunicodefont.so -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libunicodefont.so.1.0.1
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.a -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.a
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.so -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so
lrwxrwxrwx 1 peter peter 168 2009-07-20 20:35 ./lib/libungif.so.4.1.6 -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so.4.1.6
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.so.4 -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so.4
peter@jaunty:/opt/openwiz/toolchain$ find . -type l | (while read FN ; do test -e "$FN" || ls -ld "$FN"; done)
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/arm-openwiz-linux-gnu-cc -> /toolchain/arm-openwiz-linux-gnu/bin/arm-openwiz-linux-gnu-gcc
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzless -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzmore
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzcmp -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzdiff
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzfgrep -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzgrep
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./bin/bzegrep -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/bin/bzgrep
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.la -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.la
lrwxrwxrwx 1 peter peter 168 2009-07-20 20:35 ./lib/libunicodefont.so -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libunicodefont.so.1.0.1
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.a -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.a
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.so -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so
lrwxrwxrwx 1 peter peter 168 2009-07-20 20:35 ./lib/libungif.so.4.1.6 -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so.4.1.6
lrwxrwxrwx 1 peter peter 148 2009-07-20 20:35 ./lib/libungif.so.4 -> /opt/openwiz/toolchain/arm-openwiz-linux-gnu/lib/libgif.so.4