After getting the Qt source code, i'm able to run configure.exe and get the following output.
@
c:\Dev\qt-everywhere-opensource-src-5.3.0\qtbase>configure.exe -debug -embedded
-arch arm -neon -platform win32-msvc2013 -xplatform linux-arm-gnueabi-g++
Which edition of Qt do you want to use ?
Type 'c' if you want to use the Commercial Edition.
Type 'o' if you want to use the Open Source Edition.
o

This is the Qt for Windows Open Source Edition.

You are licensed to use this software under the terms of
the GNU Lesser General Public License (LGPL) version 2.1
or the GNU General Public License (GPL) version 3.

Type '3' to view the GNU General Public License version 3 (GPLv3).
Type 'L' to view the Lesser GNU General Public License version 2.1 (LGPLv2.1).
Type 'y' to accept this license offer.
Type 'n' to decline this license offer.

Do you accept the terms of the license?
y
Creating qmake...

NOTE: The -arch option is obsolete.

Qt now detects the target and host architectures based on compiler
output. Qt will be built using arm for the target architecture
and i386 for the host architecture (note that these two
will be the same unless you are cross-compiling).

Generating Makefiles...

Qt is now configured for building. Just run nmake.
To reconfigure, run nmake confclean and configure.
@
Next, i edit the existing qmake.conf in the \mkspecs\linux-arm-gnueabi-g++\ folder to be the following:

@

qmake configuration for building with arm-none-linux-gnueabi-g++

include(../common/unix.conf)
include(../common/gcc-base-unix.conf)
include(../common/g++-unix.conf)

MAKEFILE_GENERATOR = MINGW
CONFIG += no_import_libs no_generated_target_info

modifications to g++.conf

QMAKE_CC = arm-none-linux-gnueabi-gcc
QMAKE_CXX = arm-none-linux-gnueabi-g++
QMAKE_LINK = arm-none-linux-gnueabi-g++
QMAKE_LINK_SHLIB = arm-none-linux-gnueabi-g++
QMAKE_LIB = arm-none-linux-gnueabi-ar
QMAKE_AR = arm-none-linux-gnueabi-ar cqs
QMAKE_OBJCOPY = arm-none-linux-gnueabi-objcopy
QMAKE_STRIP = arm-none-linux-gnueabi-strip
QMAKE_RUN_CC = $(CC) -c $(CFLAGS) $(INCPATH) -o $obj $src
QMAKE_RUN_CC_IMP = $(CC) -c $(CFLAGS) $(INCPATH) -o $"@" $<
QMAKE_RUN_CXX = $(CXX) -c $(CXXFLAGS) $(INCPATH) -o $obj $src
QMAKE_RUN_CXX_IMP = $(CXX) -c $(CXXFLAGS) $(INCPATH) -o $"@" $<
QMAKE_INCDIR =
QMAKE_INCDIR_QT = $$[QT_INSTALL_HEADERS]
QMAKE_LIBDIR_QT = $$[QT_INSTALL_LIBS]
QMAKE_MOC = $$[QT_INSTALL_BINS]\moc.exe
QMAKE_UIC = $$[QT_INSTALL_BINS]\uic.exe
QMAKE_IDC = $$[QT_INSTALL_BINS]\idc.exe
QMAKE_COPY = copy /y
QMAKE_COPY_DIR = xcopy /s /q /y /i
QMAKE_MOVE = move
QMAKE_DEL_FILE = del
QMAKE_MKDIR = mkdir
QMAKE_DEL_DIR = rmdir
QMAKE_CHK_DIR_EXISTS = if not exist
QMAKE_IDL = midl
QMAKE_ZIP = zip -r -9
CODESOURCERY_ARM_CFLAGS = -march=armv7-a -mtune=cortex-a8 -mthumb -mfpu=neon -mfloat-abi=softfp -Wa,-mimplicit-it=thumb
TARGET_SYSROOT = /CodeSourcery-sysroot
TARGET_QTDIR = /QtEmbedded-5.3.1-arm
#modifications to gcc-base.conf
QMAKE_CFLAGS += $$CODESOURCERY_ARM_CFLAGS
QMAKE_CXXFLAGS += $$CODESOURCERY_ARM_CFLAGS
QMAKE_LIBS += -lrt -lpthread -ldl
QMAKE_LFLAGS += $${QMAKE_LFLAGS_RPATH}$$[QT_INSTALL_LIBS]
!isEmpty(TARGET_QTDIR) {
QMAKE_LFLAGS += $${QMAKE_LFLAGS_RPATH}$${TARGET_QTDIR}/lib
}
!isEmpty(TARGET_SYSROOT) {
QMAKE_LFLAGS += $${QMAKE_LFLAGS_RPATH}$${TARGET_SYSROOT}/lib:$${TARGET_SYSROOT}/usr/lib
QMAKE_LFLAGS += -Wl,--dynamic-linker=$${TARGET_SYSROOT}/lib/ld-linux.so.3
}
load(qt_config)
@

However, when i run either nmake or jom (yes, i did set the PATH to include jom.exe), i get an error - "test" is not recognized as an internal or external command....
@
c:\Dev\qt-everywhere-opensource-src-5.3.0\qtbase>jom

jom 1.0.14 - empower your cores

'test' is not recognized as an internal or external command,
operable program or batch file.
A subdirectory or file -p already exists.
Error occurred while processing: -p.
A subdirectory or file src already exists.
Error occurred while processing: src.
A subdirectory or file cd already exists.
Error occurred while processing: cd.
A subdirectory or file src\ already exists.
Error occurred while processing: src.
jom: C:\Dev\qt-everywhere-opensource-src-5.3.0\qtbase\Makefile [sub-src-make_fir
st] Error 1
@

Any thoughts or suggestions?