Under Ubuntu 64 bit I got
llc --version LLVM (http://llvm.org/): LLVM version 3.1 Optimized build with assertions. Built Oct 15 2012 (18:15:59). Defa
"-arch arm" is equivalent to "-arch armv4t" in clang. I suppose that a generic "arm" target is not allowed with "-march=", which should require something more precise, such as "armv6", "thumbv7", "armv4t", ...
Try selecting a specific subarch.