I did something similar..okay, was like that:
my faster box is a dual p3/500 and the slower one a celeron 300. I took the harddisk out of the small box and mounted it in the big one. Then I compiled everything without optimizations (where needed) or I optimized for -O3 -mcpu=pentium2 (where possible).
Well, everything works, but I guess that this is luck because of the x86 architecture on both machines...if you intend to compile your code on two completely different systems such as one is a PowerPC and the other is an Intel, you should do some reading about "cross-compiling"
Good Luck!
CU citro
P.S.: forgot to say:
Booting was a problem. The harddisk I took out of the small box was going to be /dev/hda on the small machine. So I installed my bootloader with a trick: I downloaded the SuSE Boot-CD Image and made a bootable CD with it.
Then, after compiling finished, I put the harddisk back into the small box and then booted it with the SuSE CD (select "manual installation"; then "boot installed system"), checked the /etc/lilo.conf and finally executed lilo. After a reboot the system was ready to go