The core warning is this line:
C:\ValyriaTear\src\common\common_bindings.cpp:27:29: warning: src/utils/utils_pch.h.gch: not compatible with this GCC version [enabled by default]
the utils_pch.h is precompiled as utils_pch.h.gch and becomes what is called a precompiled header.
GCC is simply warning you that the precompiled header file has been created with a different gcc version than the one being used to compile Valyria and thus cannot use it.
A 'make clean' can get rid you of this, or 'rm src/utils/utils_pch.h.gch' to be more precise.
Switching Update method is making game crash (I thinking need game reload for this).
Interesting, I wish you could run the game with a debugger and send me a backtrace.
Can you run the beast using the debug run command (The red triangle on C::B Gui)?