Gentoo?

Is there any way to put Gentoo on this. What I am thinking is this:
I have a USB HDD that I would use as the OS HDD (provided that this
system will boot from the USB port). That way I wouldn't necessarily
need to use an embedded system, but could just use a regular gentoo
install. Will this work?

If so what CFLAGS would be suitable for this chip?

Thanks.

There are some experimental Gentoo on the HP hx4700 PDA, perhaps that
would be a good way to start?