I did a fresh checkout and build. Here are the errors I got.
Ld "build/Sparkle.build/Release (GC dual-mode; 10.5-only)/relaunch tool.build/Objects-normal/ppc/relaunch" normal ppc
cd /Users/dave/Downloads/Sparkle
setenv MACOSX_DEPLOYMENT_TARGET 10.4
/Developer/usr/bin/gcc-4.2 -arch ppc -isysroot /Developer/SDKs/MacOSX10.5.sdk "-L/Users/dave/Downloads/Sparkle/build/Release (GC dual-mode; 10.5-only)" "-F/Users/dave/Downloads/Sparkle/build/Release (GC dual-mode; 10.5-only)" -filelist "/Users/dave/Downloads/Sparkle/build/Sparkle.build/Release (GC dual-mode; 10.5-only)/relaunch tool.build/Objects-normal/ppc/relaunch.LinkFileList" -mmacosx-version-min=10.4 -dead_strip -framework AppKit -o "/Users/dave/Downloads/Sparkle/build/Sparkle.build/Release (GC dual-mode; 10.5-only)/relaunch tool.build/Objects-normal/ppc/relaunch"
ld: warning: directory '/Users/dave/Downloads/Sparkle/build/Release (GC dual-mode; 10.5-only)' following -L not found
ld: warning: directory '/Users/dave/Downloads/Sparkle/build/Release (GC dual-mode; 10.5-only)' following -F not found
I can't reproduce this. What version of Xcode are you using? Did you get ToT from Github?