Thank you for your reply!
After looking into the output errors closely, it looks like by importing the library using the "lpcopen_3_02_keil_iar_lpclink2_4370.zip" provided on your website, paths will not be set correctly for some reason, specifically the path for "chip_43xx_18xx", "brd_link4370" and "examples_43xx_18xx" folders. It was looking at the wrong directory, which in my case is \Documents. I extracted and placed the above three folders directly into \Documents and tried compiling. It worked!.. but after this tacky patching of mine.
There was clearly something wrong as it should have looked into the workspace folder, which in my case is located at \Documents\MCUXpressoIDE_11.4.1_6260\Workspace. After trying the zip file you attached, I was so glad that it worked right off the bat. It looked right into the correct directory and compiled everything successfully without having to patch things up.
Thanks once again!