Ok. This is a complex variable substitution and evaluation problem (please, don't ask me to explain in details). You have to put the whole assignment statement in a dummy variable, then evaluate that variable. Better to explain with a real example:
Code:
# BINMAKE='`if [ -x /usr/obj/usr/src/make.i386/make ]; then echo /usr/obj/usr/src/make.i386/make; else echo make; fi` -m /usr/src/share/mk'
# echo $BINMAKE
`if [ -x /usr/obj/usr/src/make.i386/make ]; then echo /usr/obj/usr/src/make.i386/make; else echo make; fi` -m /usr/src/share/mk
# PLUTO="PIPPO=\"$BINMAKE\""
# eval $PLUTO
# echo $PIPPO
make -m /usr/src/share/mk
in the example above you put the assignment statement in the variable PLUTO, then eval $PLUTO to actually assign the variable PIPPO. After that you can
unset PLUTO and use PIPPO the way you want.
PS - PIPPO and PLUTO are italian translations of Walt Disney characters Goofy and... Pluto. I often use them in my examples and as temporary file names.