My Mac\'s Setup:
Volume A:
OS X 10.8
Xcode 4.5 or later - 10.6 SDK IS NOT available as Base SDK
Volume
Wrong approach. You don't "point" Xcode at an SDK. Instead you will have better luck copying the SDK into the appropriate "SDKs" folder for the Xcode installation. In modern Xcode installations this is usually:
Xcode.app/Contents/Developer/Platforms/MacOSX.platform/Developer/SDKs/
Copy the SDK in there, quit and restart Xcode and see what you find.
(reading the other answer here I think that symbolic linking might be an option if you are dead-set on keeping the original SDK elsewhere)