Man, this has been quite the process. Been learning a lot though!
Finally figured out a couple things:
-I forgot that I had an early ICS build running on my phone at the time, and it apparently didn't have the Adrino driver in it (or something, maybe someone can help solidify this finding for me). Switched to a stable CM7 build and things went much better during the ./extract-files script.
-For whatever reason, I didn't have the ncurses-dev package, so that caused the "Error 1" at the end of the build.
Running the build as we speak. I'll post it as soon as it's done, assuming all goes to plan!