Migrating from versions prior to 7.2 to those later takes a lot of work. That can't be avoided.
it is unlikely your "static library" will work because the ABI between the two compilers is different. One passes parameters on the stack and the other passes in registers. You can't code around that fundamental difference.
You're far better off recompiling your code under the new compiler. If there's anything obviously wrong, the new compiler should tell you. You'll only have problems if you have inline assembly or assembly source files, because they explicitly code the ABI (which is the bit that changed). Also note in various App Notes that libraries have changed as well, so if you're relying on old libraries you may have to port the code to new ones.
I should be able to point you to the links in this article. The links used to work.They of course point to "community.freescale.com" and not "community.nxp.com", but should redirect, or the article numbers should work, but they don't.
https://community.nxp.com/message/1028460?commentID=1028460#comment-1028460
See which ones of them you can still locate.
Read this one. Search for "REG_ABI" in the Search-thing and see what you can find.
https://community.nxp.com/message/401840?commentID=401840#comment-401840
Tom