A quick question. Since Qemu is emulating the ARM926, will binaries compiled under this emulated environment be identical to those that would be created on an actual Raspberry Pi running the ARM1176?
And the late reply is.. yes probably, assuming of course that the Pi is also running Debian armel.
To expand on this slightly, the Debian armel distro is targeted at v4t with software floating point (that's 'soft' not 'softfp') and the toolchain should default to this. ARM926 is v5t while ARM1176 is v6 so they'd usually need a different kernel, but this wouldn't necessarily affect the rest of the tools/binaries.
A downside of running armel on the Pi is wasting the VFP functionality, but unfortunately Debian's new armhf variant is targeted at v7. It would be possible to compile softfp/hard code with the correct switches to gcc etc. on the Pi itself, but it's a bit involved (and such binaries would be incompatible with ARM926).
However, a more worthwhile use of CPU would be cross-compiling under x86 Linux for an arm(el) target... (see thread on ScratchBox). Also, as this requires Linux there would be the option of using a newer, ARM1176-supporting QEMU (1.0+, which doesn't appear to be available as a Windows binary yet).