http://bugs.winehq.org/show_bug.cgi?id=35176
--- Comment #6 from Martin Storsjö wine@martin.st --- Richard, I doubt that the culprit was the location of the DLLs, I had copied the necessary DLLs from Common7/IDE into VC/bin to simplify the setup already.
Anyway, it seems that this is fixed properly now by the last three commits at http://source.winehq.org/git/wine.git/shortlog/e54503f7085. Running the compiler still prints a lot of warnings about Rtl{Acquire,Release}SRWLockShared being stubs, but compiling simple programs at least seem to work now.