In addition to webkit, I didn't compile the tools, examples, demos, or debug when building for 64-bit Windows.
-release -opensource -phonon -no-qt3support -no-webkit -no-script -no-scripttools -no-declarative -no-declarative-debug -no-phonon-backend -nomake examples -nomake demos -nomake tools
I didn't time it but it didn't take very long on a Core i5-2410M, took longer than I cared with Webkit so I disabled it and hope SMPlayer never uses it.