The v2 patch now has these options, and will almost certainly get approved.
-march=pentium4 -mtune=core2 -mfpmath=sse
Actually that looks like a typo - the patch comments talk about sse2, but the patch itself just enables sse.
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Function inlining varies a lot between software. In some cases, it gives huge speedups. Other times, it just results in slower performance and greater memory use. It can vary depending on how large your CPU cache is as well.
You can even manually set the depth the compiler will inline down to - something Firefox does for example, because the default -O3 inlining was too much, but by limiting the inlining amount they could still turn on -O3 and get better results than plain old -O2.
I've always* built Mesa with -O3 and not once had an issue that was because of that.
* not built git in the last 3-4 months since it requires newer autofoo and I'm too lazy.