elf -d OBJ_FORMAT_elf -i./ cpu_asm.nasm -fPIC -DPIC -o .libs/cpu_asm.o
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
nasm elf OBJ_FORMAT_elf -i./ cpu_asm.nasm .libs/cpu_asm.o
_asm.nasm -DPIC -o .libs/cpu_asm.o 
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
./strip_non_asm_libtool_args.sh[17]: [: -fPIC: unexpected operator/operand
nasm elf OBJ_FORMAT_elf -i./ cpu_asm.nasm .libs/cpu_asm.o

The script strips more than just -[fKD]PIC...  at least for me:

# ls -ld /usr/pkgsrc/audio/flac
drwxr-xr-x  4 root  wheel  122 Feb  3 08:21 /usr/pkgsrc/audio/flac

# uname -a
OpenBSD midgaardsormen.asgaard.net 4.0 GENERIC#1107 i386

To the fix:

8,15c8,12
< while [ $1 ]; do
< 	if [ "$1" != "-fPIC" -a "$1" != "-KPIC" ]; then
< 		if [ "$1" != "-DPIC" ]; then
< 			if [ "$1" != "-fno-common" ]; then
< 				command="$command $1"
< 			fi
< 		fi
< 	fi
---
> while [ -n "$1" ]; do
> 	case "$1" in
> 		-[fKD]PIC) ;;
> 		*) command="$command $1" ;;
> 	esac

Don't know if any other platform is affected, but it seems likely.

Emil