Hi darkside40,
Basically, you need a cross compiler setup. I am using a Ubuntu machine, and these instructions work fine:
Download and setup cross compiler from here:
http://general.nas-central.org/wiki/Setting_up_the_codesourcery_toolchain_for_X86_to_ARM9_cross_compiling
Run these additional commands:
cd /usr/local/codesourcery/arm-2009q3/bin/
ln -s arm-none-linux-gnueabi-objcopy objcopy
Next, download the latest transmission source code on your machine and attempt a cross-compile.
To produce a Debian package, you can use checkinstall. Just make sure you run ./configure first, and then run checkinstall.
Hope that helps somewhat. I haven't tried compiling this at home, but should work. If not, we can troubleshoot from there.