There is a problem in this area of the code, not especially with the patch but with how gcc works (or doesn't). To illustrate:

-----------------------
Version info
-----------------------
vinay@eta-hardy:/tmp$ uname -a
Linux eta-hardy 2.6.24-29-generic #1 SMP Wed Aug 10 16:34:32 UTC 2011 i686 GNU/Linux
vinay@eta-hardy:/tmp$ gcc --version
gcc (GCC) 4.2.4 (Ubuntu 4.2.4-1ubuntu4)
Copyright (C) 2007 Free Software Foundation, Inc.
This is free software; see the source for copying conditions.  There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
-----------------------
Create an empty file:
-----------------------
vinay@eta-hardy:/tmp$ touch dummy.c
-----------------------
Compile a shared library from it:
-----------------------
vinay@eta-hardy:/tmp$ gcc -shared -o libdummy.so dummy.c
-----------------------
Invoke gcc with patched command line:
-----------------------
vinay@eta-hardy:/tmp$ gcc -L /tmp -Wl,t -o /dev/null -ldummy
/usr/bin/ld: t: No such file: No such file or directory
collect2: ld returned 1 exit status
-----------------------
It's not patch related, here's what happens with the unpatched line
-----------------------
vinay@eta-hardy:/tmp$ gcc -Wl,t -o /dev/null -ldummy
/usr/bin/ld: t: No such file: No such file or directory
collect2: ld returned 1 exit status
-----------------------
Calling ld directly works as expected. With no search path:
-----------------------
vinay@eta-hardy:/tmp$ ld -t -o /dev/null -ldummy
ld: mode elf_i386
ld: cannot find -ldummy
-----------------------
With the search path supplied:
-----------------------
vinay@eta-hardy:/tmp$ ld -t -L /tmp -o /dev/null -ldummy
ld: mode elf_i386
-ldummy (/tmp/libdummy.so)
ld: warning: cannot find entry symbol _start; not setting start address
vinay@eta-hardy:/tmp$ 

So, ISTM that the find_library code needs changing to use ld, else it will not work on all platforms.