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Okay, my initial idea was wrong (I blame years of not having to look at Makefiles). I think the attached patch works. It uses a "stamp" file to record the fact that the profiled build is complete.
The fix is sub-optimal because changing some source code and re-running "make" will not rebuild as needed. That would require proper dependencies in the Makefile, rather than treating "make" as an imperative scripting language (e.g. recursively calling make to sequence things). Given that the profile optimised build is unlikely to be used during development, I guess that's not so bad.