Fill the SOURCES environment variable before you type "make", that is the current prefered method for a partial MAME compile. It will compile all core and shared components, and just the drivers you provide in SOURCES. Example:
Code
set SUBTARGET=hands
set SOURCES=
set SOURCES=%SOURCES%,src/mame/drivers/hh_tms1k.cpp,src/mame/drivers/ticalc1x.cpp,src/mame/drivers/tispellb.cpp,src/mame/drivers/tispeak.cpp
set SOURCES=%SOURCES%,src/mame/drivers/hh_cop400.cpp,src/mame/drivers/hh_hmcs40.cpp,src/mame/drivers/hh_melps4.cpp
set SOURCES=%SOURCES%,src/mame/drivers/hh_pic16.cpp,src/mame/drivers/hh_sm510.cpp,src/mame/drivers/wildfire.cpp
make -j5
This is with Windows commandline, maybe setting environment vars in msys is a little different, but you get the point. =) Yeah, hh_* are the generic handheld drivers.
BTW let me know if you need help finishing Ultraman ext artwork.