Thanks Aartig,
The -L option works.
Just as a note the previous mspgcc that I built doesn't need the library-path option, it is in the default search path.
> msp430-gcc -v
gcc version 4.7.0 20120322 (mspgcc dev 20120911) (GCC)
> msp430-gcc -O0 -g -Wall -mmcu=msp430f5438a -std=gnu89 main.c
--> a.out
I also confirm that with the 32 support libray CCS install and run successfully.