I tweaked things again and tried to combine the original instruction:
sudo make FPC=$PWD/ppca64 OPT="-ap -FD/Applications/Xcode.app/Contents/Developer/Toolchains/XcodeDefault.xctoolchain/usr/bin -XR/Applications/Xcode.app/Contents/Developer/Platforms/MacOSX.platform/Developer/SDKs/MacOSX.sdk" install`
with your modification of
OPT="-dDEBUG -glh -gw -godwarfsets -O-"
resulting in...
make FPC=ppcx64 OPT="-ap -FD/Applications/Xcode.app/Contents/Developer/Toolchains/XcodeDefault.xctoolchain/usr/bin -XR/Applications/Xcode.app/Contents/Developer/Platforms/MacOSX.platform/Developer/SDKs/MacOSX.sdk -dDEBUG -glh -gw -godwarfsets -O-" CPU_TARGET=aarch64 -j 4 FPMAKEOPT="-T 4" all
The net result of all of this, along with a couple of other, entirely non-intuitive tweaks, appears to have resulted in a fully working setup.
Thanks for your help, Josh and Trev!