Are you running emacs from Mac OS X Finder? Some suggestions:

Finder may not be picking your environment variables. Try this from within emacs to verify this:

M-x: shell-command
shell-command: echo path=$PATH
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You could by-pass Finder and run emacs from the shell:

bash:$ export PATH=/usr/local/bin:$PATH;
bash:$ /Applications/Emacs.app/Contents/MacOS/Emacs &
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