Hi,
After talking to Qt-support they pointed me in the right direction in solving this problem.

1) I did not have the environment variable PKG_CONFIG set
2) I DID have the PKG_CONFIG_PATH environment variable set to my CC directory /usr/local/arm/lib
3) I checked the qt configure script AND it does NOT use the PKG_CONFIG unless the configure option '-force-pkg-config' is set. This is not documented anywhere, so I did not know about this or how to use it.
4) In my previous attempt to load the glib, gstreamer libs, I put all the paths in the configure script, because I did not know any other way.
5) I proceeded to set the environment variable PKG_CONFIG=/usr/bin/pkg-config (although this is not needed if '-force-pkg-config' is set - the qt script will pull the information from WHICH pkg-config. I also ran a configure script with -force-pkg-config.
6) PKG_CONFIG_PATH = /usr/local/arm/lib/pkg-config. 'cross compiled libs'
7) NOW COMPILATION IS WORKING!!! - Probably because the package configs have all the information needed for ALL the library dependencies.