I have succeeded in booting the i.mx53 QSB with just about every linux kernel I have tried.
Though newer kernels - 3.1, 3.2 often do not have drivers for all hardware.
My normal process - used for many boards, is to find a working config file for that board or something similar, from an older or newer linux, or even a similar board. Copy that to the root of the linux kernel source as .config and make the kernel with the correct arguments and settings for your cross compiler, ....
If the .config does not quite match the version of linux you are building, the build process will ask questions regarding things it can not figure out. Look at those carefully and answer them correctly.
Failing immediately after the uncompressing kernel message suggests either u-boot or relocation issues.
Is the kernel/uimage being built with the correct zreladdr-y ? Does that match the one used by mkimage, and the u-boot load address for the kernel ?
My make line is
Makefile ARCH=arm CROSS_COMPILE=arm-linux- zreladdr-y=0x70008000 uImage
Alternately early printk's may not be enabled in your .config.
Regardless, the absence of messages after the decompressing kernel message suguests a gross misconfiguration rather than an incorrect driver.