When emerging vim-7.2 it failed with the error that it could not find a rule for p2oto.h, needed for target hardcopy.o. This turns out to be a typo in src/Makefile, line 2708, where the last entry on this line should be 'proto.h' instead of 'p2oto.h'.
I can't replicate this error with vim-7.2.182, please reopen if it is still relevant to the latest version.