After a lot of investigation I was surprised to discover that by default the C6x compiler generates unsafe code for real-time processing. The --interrupt_threshold=1 (-mi) option needs to be specified to prevent low priority threads from disabling interrupts for prolonged periods.
I was mainly looking at information in http://processors.wiki.ti.com/index.php/Category:OMAPL1 I agree it's not ideally suited for that category, but that category does contain the -mv option.
I think it should be mentioned in http://processors.wiki.ti.com/index.php/Category:Compiler especially in http://processors.wiki.ti.com/index.php/C6000_Compiler:_Best_Options_for_Performance