I've seen people think old machine = old version of software, that's why I ask; usually no technical reason. Seems that it would make more sense to modify the application code rather than the compiler code.
In any event, here are some
instructions for building gcc v3 and installing it in /opt. They use 3.3.6, but, IIRC, I've used them for 3.4.6 with only minor modifications. Gives you the option of using v4 or v3 on your machine.