...the issue is related to using a different compiler (and/or compiler version) that what ActiveState used to compile their Perl distribution
ActiveState used VC 6.0, and there can be issues if you use a later version of VC. However, you could use the feely available MinGW compiler and avoid the trouble you're referring to - as MinGW uses the msvcrt.dll runtime (same as VC 6.0).
Just ppm install MinGW, then set ACTIVEPERL_CONFIG_CC=gcc and you're right to build by running:
perl Makefile.PL
nmake test
nmake install
If nmake is not in your path, use dmake instead. (It was also installed with ppm install MinGW.)