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+Peter oh, it's absolutely true that 'make' is a pig, and does too much, and we don't exactly help the situation by using tons of GNU make features and complex variables and various random shell escapes etc etc.
So there's no question that some "makefile compiler" could optimize this all. But quite frankly, I've had my fill of random make replacements. imake, cmake, qmake, they all solve some problem, and they all have their own quirks and idiocies.
So while I'd love for 'make' to be super-efficient, at the same time I'd much rather optimize the kernel to do what make needs really well, and have CPU's that don't take too long either.
Because let's face it, even if the kernel build process was some super-efficient thing, real life isn't that anyway. I guarantee you that the "tons of small scripts etc" that the kernel build does is a real load somewhere totally unrelated. Optimizing page faults will help other loads.