I tried building it on the HMNHD but gets tons of compile errors,
I've no experience with SqueezeServer, but when I look at the download page
, it strikes me that the precompiled packages for NASses (Netgear) are much smaller than the full-blown Linux packages. (20MB vs 96MB). So I suppose the 'full blown' version either has lots of transcoding possibilities, or has a GUI. (Or both). You should disable these options in you build. The needed libraries aren't provided, and the box won't support it anyway.
BTW, the ReadyNAS packages might be able to run on your NAS.