BJam output directories on NT

Building my application using msvc-stlport. I've set ALL_LOCATE_TARGET=d:/src/pegdevbin/build. During processing, the paths get too deep for NT and eventually the mkdir fails and then of course the build stops. Anyway to shorten the deep paths that are automatically created or should I start chopping up allyourbase.jam? I won't be doing any build variants on a per platform basis so I don't need the deep paths that specify the various options in effect. Thanks for the help (and all the great work too...) Rob