It appears within the bfd/doc makefile it Assumes CC=pcc correctly but sets CC_FOR_BUILD = gcc which is nowhere on the system. This creates the below error when compiling binutils on a musl-pcc system. Setting CC_FOR_BUILD = pcc manually allows chew to build.
Making info in doc
make[1]: Entering directory '/root/binutils-2.24/bfd/doc'
make chew
make[2]: Entering directory '/root/binutils-2.24/bfd/doc'
gcc -o chw$$ \
-I.. -I./.. -I./../../include -I./../../intl -I../../intl ./chew.c; \
/bin/sh ./../../move-if-change chw$$ chew
/bin/sh: gcc: not found
mv: can't rename 'chw1410': No such file or directory
Makefile:779: recipe for target 'chew' failed
make[2]: *** [chew] Error 1
make[2]: Leaving directory '/root/binutils-2.24/bfd/doc'
Makefile:901: recipe for target 'linker.texi' failed
make[1]: *** [linker.texi] Error 2
make[1]: Leaving directory '/root/binutils-2.24/bfd/doc'
Makefile:1654: recipe for target 'info-recursive' failed
make: *** [info-recursive] Error 1