First of all get a bcc (Bruce Evan's C compiler) distribution, from the ELKS tool distribution at http://www.cix.co.uk/ mayday/ There is also a mailing list for Linux-8086 developers at linux-8086@vger.rutgers.edu. Send mail to majordomo@vger.rutgers.edu with the line "subscribe linux-8086" if you want to join. It's very technical though and there won't be anything user friendly for a while.
Look over the Config file to see if you need to alter something. By default it builds images for all 4 versions. You can omit the ones you don't want. But it compiles very quickly anyway. Then build the software by saying make. There will be some warnings about duplication definitions of some library routines. Ignore them, the correct ones are the ones in this directory.