Hi,
I think valgrind doesn't support for armv5 arch,
Try montavista toolchain (arm_v5t_le-)
I have tried and I met lot of compilation errors,
Why are you not trying other debugging methods?
1) Try to use Remote debugging through gdbserver
2) Try to use arm gdb debugging,
3) Use memwatch
4) Check your app source code for pointer & memory usage,
5) Check If exist any dangling pointer etc.,
Refer the following links,
http://www.linuxjournal.com/article/6059
http://processors.wiki.ti.com/index.php/Linux_Debugging_Overview
https://developer.ridgerun.com/wiki/index.php/Debug_and_Profiling_Guide#Valgrind