Here are the findings I got by trying out random things. I downloaded the zip file for zope.security 3.8.0.
I tried to compile it with python setup.py install and got similar errors.

However it gave me much more messages including the command line run with gcc.
gcc-4.0 -fno-strict-aliasing -fno-common -dynamic -isysroot /Developer/SDKs/MacOSX10.4u.sdk -arch ppc -arch i386 -g -O2 -DNDEBUG -g -O3 -Iinclude -I/Library/Frameworks/Python.framework/Versions/2.7/include/python2.7 -c src/zope/security/_proxy.c -o build/temp.macosx-10.3-fat-2.7/src/zope/security/_proxy.o

was guilty of not compiling. I attempted instead

gcc-4.0 -fno-strict-aliasing -fno-common -dynamic -isysroot /Developer/SDKs/MacOSX10.5.sdk -arch ppc -arch i386 -g -O2 -DNDEBUG -g -O3 -Iinclude -I/Library/Frameworks/Python.framework/Versions/2.7/include/python2.7 -c src/zope/security/_proxy.c -o build/temp.macosx-10.3-fat-2.7/src/zope/security/_proxy.o

so basically just replacing MacOSX.10.4u.sdk with MacOSX10.5.sdk on the command line. This helped me compile proxy.c. 

Because I am not familiar with these tools and I did not know how to get buildout to use MacOSX10.5 for testing, and I am a barbarian, I decided to rename /Developer/SDKs/MacOSX10.4 to some other name and create a symbolic link to MacOSX10.5.

It was looking good. I could compile all zope packages. I am not sure whether there are not some packages that were compiled with the old SDK and some with the new. Sadly, maybe due to the dodgy way I went ahead, my new error occurs when I try to startup the newly created grokproject.

Blue:profile sysupbda$ bin/paster serve parts/etc/deploy.ini 
Traceback (most recent call last):
  File "bin/paster", line 20, in <module>
    paste.script.command.run()
  File "/Users/sysupbda/.buildout/eggs/PasteScript-1.7.3-py2.7.egg/paste/script/command.py", line 84, in run
    invoke(command, command_name, options, args[1:])
  File "/Users/sysupbda/.buildout/eggs/PasteScript-1.7.3-py2.7.egg/paste/script/command.py", line 123, in invoke
    exit_code = runner.run(args)
  File "/Users/sysupbda/.buildout/eggs/PasteScript-1.7.3-py2.7.egg/paste/script/command.py", line 218, in run
    result = self.command()
  File "/Users/sysupbda/.buildout/eggs/PasteScript-1.7.3-py2.7.egg/paste/script/serve.py", line 276, in command
    relative_to=base, global_conf=vars)
  File "/Users/sysupbda/.buildout/eggs/PasteScript-1.7.3-py2.7.egg/paste/script/serve.py", line 313, in loadapp
    **kw)
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 203, in loadapp
    return loadobj(APP, uri, name=name, **kw)
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 224, in loadobj
    return context.create()
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 617, in create
    return self.object_type.invoke(self)
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 163, in invoke
    app = context.app_context.create()
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 617, in create
    return self.object_type.invoke(self)
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/loadwsgi.py", line 109, in invoke
    return fix_call(context.object, context.global_conf, **context.local_conf)
  File "/Users/sysupbda/.buildout/eggs/PasteDeploy-1.3.4-py2.7.egg/paste/deploy/util/fixtypeerror.py", line 57, in fix_call
    val = callable(*args, **kw)
  File "/Users/sysupbda/.buildout/eggs/grokcore.startup-1.1-py2.7.egg/grokcore/startup/startup.py", line 14, in application_factory
    return zope.app.wsgi.getWSGIApplication(zope_conf)
  File "/Users/sysupbda/.buildout/eggs/zope.app.wsgi-3.10.0-py2.7.egg/zope/app/wsgi/__init__.py", line 162, in getWSGIApplication
    db = config(configfile, schemafile, features)
  File "/Users/sysupbda/.buildout/eggs/zope.app.wsgi-3.10.0-py2.7.egg/zope/app/wsgi/__init__.py", line 150, in config
    appsetup.config(options.site_definition, features=features)
  File "/Users/sysupbda/.buildout/eggs/zope.app.appsetup-3.15.0-py2.7.egg/zope/app/appsetup/appsetup.py", line 111, in config
    context = xmlconfig.file(file, context=context, execute=execute)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 651, in file
    include(context, name, package)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 550, in include
    processxmlfile(f, context)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 382, in processxmlfile
    parser.parse(src)
  File "/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/xml/sax/expatreader.py", line 107, in parse
    xmlreader.IncrementalParser.parse(self, source)
  File "/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/xml/sax/xmlreader.py", line 123, in parse
    self.feed(buffer)
  File "/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/xml/sax/expatreader.py", line 207, in feed
    self._parser.Parse(data, isFinal)
  File "/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/xml/sax/expatreader.py", line 349, in end_element_ns
    self._cont_handler.endElementNS(pair, None)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 361, in endElementNS
    self.context.end()
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/config.py", line 538, in end
    self.stack.pop().finish()
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/config.py", line 686, in finish
    actions = self.handler(context, **args)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 543, in include
    f = openInOrPlain(path)
  File "/Users/sysupbda/.buildout/eggs/zope.configuration-3.7.2-py2.7.egg/zope/configuration/xmlconfig.py", line 431, in openInOrPlain
    fp = open(filename)
zope.configuration.xmlconfig.ZopeXMLConfigurationError: File "/Users/sysupbda/proj/profile/parts/etc/site.zcml", line 4.2-4.31
    IOError: [Errno 2] No such file or directory: '/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/configure.zcml'