One caveat, though: the manpage says
PKG_CONFIG_PATH
A colon-separated (on Windows, semicolon-separated)
list of directories to search for .pc files. The
default directory will always be searched after
searching the path;
the default is lib-dir/pkgconfig where libdir is the
libdir where pkg-config was installed.
What happens if you don't have the library in question installed
in PKG_CONFIG_PATH? pkg-config will silently search /usr/lib/pkgconfig,
and possibly grab the wrong version of the library.
If you're
unlucky, the library will link, but the resulting program won't run.
One more little reason, perhaps, to have a separate copy of pkg-config
per installed userland.
configure.ac checks the library via pkg-config, so regardless of what
library gets detected, if the autoconf check accepts the library version,
the resulting build should work.
...
If autoconf doesn't complain, the result should work. It is up to the
user to make sure the right <package>.pc file is accessed by pkg-config.