It seems like this was fixed by turning off the rtti for VC7.1 and I verified that both V1 and V2 jamfiles have the workaround line in them (not sure which one is getting used as I'm not passing any parameters for that)

C:\work\boost_1_33_1>..\boost-jam-3.1.11-1-ntx86\bjam.exe "-sTOOLS=vc-7_1-stlport" "-sSTLPORT_PATH=.." "-sBUILD=<native-wchar_t>on"
******************************************************
Building Boost.Iostreams with bzip2 support disabled.
To enable bzip2, consult the Boost.Iostreams documentation
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Building Boost.Iostreams with zlib and gzip support disabled.
To enable zlib and gzip, consult the Boost.Iostreams documentation
******************************************************
Building Boost.Regex with the optional Unicode/ICU support disabled.
Please refer to the Boost.Regex documentation for more information
(and if you don't know what ICU is then you probably don't need it).
...found 11410 targets...
...updating 3 targets...
vc-C++ bin\boost\libs\wave\build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi\instantiate_cpp_grammar.obj
instantiate_cpp_grammar.cpp

"cl" /Zm800 -nologo /EHsc -c -D_STLP_DEBUG=1 -D_STLP_DEBUG_UNINITIALIZED=1 -D_STLP_USE_DYNAMIC_LIB=1 /Z7 /Od /Ob0 /EHsc /GR /MDd /Op /wd4675 /Zc:forScope /Zc:wchar_t -I"bin\boost\libs\wave\build" -I"C:\work\boost_1_33_1" -I"..\STLport-4.6.2\stlport" -I"C:\work\boost_1_33_1" -Fo"bin\boost\libs\wave\build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi\instantiate_cpp_grammar.obj" -Tp"C:\work\boost_1_33_1libs\wave\build\../src/instantiate_cpp_grammar.cpp"

...failed vc-C++ bin\boost\libs\wave\build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi\instantiate_cpp_grammar.obj...
...skipped <@boost!libs!wave!build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi>libboost_wave-vc71-mt-gdp-1_33_1.CMD for lack of <@boost!libs!wave!build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi>instantiate_cpp_grammar.obj...
...skipped <@boost!libs!wave!build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi>libboost_wave-vc71-mt-gdp-1_33_1.lib for lack of <@boost!libs!wave!build\libboost_wave.lib\vc-7_1-stlport\debug\native-wchar_t-on\threading-multi>instantiate_cpp_grammar.obj...
...failed updating 1 target...
...skipped 2 targets...