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On a MacOS X framework build, the LINKFORSHARED variable obtained from 
distutils.sysconfig.get_config_vars() has the value
 -u _PyMac_Error Python.framework/Versions/2.5/Python
The last item is incomplete, it needs to be prefixed with the path in 
which the Python framework is installed.
Looking at config/Makefile (from which Distutils takes the variables), I 
find
LINKFORSHARED=	-u _PyMac_Error 
$(PYTHONFRAMEWORKDIR)/Versions/$(VERSION)/$(PYTHONFRAMEWORK)
and
PYTHONFRAMEWORKDIR=	Python.framework
One fix would be to use PYTHONFRAMEWORKINSTALLDIR instead of PYTHONFRAMEWORKDIR in the definition of LINKFORSHARED, but I don't know 
if this could have undesirable effects on the build process.