Is it possible to compile static with debug, and if so, is there a downside?

I was following this guide here for static compiling:
http://www.formortals.com/build-qt-s...-gcc-compiler/

Overall, it's highly helpful, but there's one part I'm confused about:
From the Qt folder (the one that has configure.exe), run the following long command:
configure -release -nomake examples -nomake demos -no-exceptions -no-stl -no-rtti -no-qt3support -no-scripttools -no-openssl -no-opengl -no-webkit -no-phonon -no-style-motif -no-style-cde -no-style-cleanlooks -no-style-plastique -no-sql-sqlite
...
5. Replace “-release” with “-debug-and-release” if this will be your debug install, too. Do not use -static.
Is it not possible to use -debug-and-release at the same time as -static?