Yup. Of course, someone very skilled with the target hardware may be able to write a compiler back-end faster than someone not so skilled with an OS can write a standard library and a linker. Neither task is trivial.
EDIT:
Are you looking for a specific compiler that works with a specific IDE? If you're limiting the discussion to gcc, then as long as the target is supported, it's just a matter of building the cross-compiler.
