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Bus errors are generally caused by unaligned memory
accesses, or by attempts to read past the end of a
file-descriptor (or something along those lines).  This
sounds like a gcc bug rather than a Python bug.  Can I
suggest changing your compiler flags and experimenting with
things like different -O levels?  (-O3, -O1, etc) to see if
it makes a difference...  Also, you may want to raise a bug
with gcc (although I've no idea how seriously they would
take it :(  ).  Finally, what version of gcc is Python
compiled with on Panther?  There may be a conflict there
(once again, different optimisations might be the problem).

Anyhow, just my random thoughts,
D