Try with xCode 4.5... as 4.6 is not final yet... In the release notes for LC 
5.5.3, xCode 4.5 is the recommended version.
5.5.3 & 4.5.2 is working for me...

> Date: Mon, 26 Nov 2012 01:58:35 -0800
> From: [email protected]
> To: [email protected]
> Subject: iOS compile problems
> 
> I just upgraded my Mac Mini to Mountain Lion. I am using LiveCode 5.5.3. I 
> downloaded and installed Xcode 4.6
> I can run my app in the 6.0 simulator, but the app won't compile. It keeps 
> saying that I need to have SDK 5.1 installed. The Xcode specs for 4.6 says 
> that all of that is included with Xcode 4.6
> What am I doing wrong?
> Thanks for your help.
> George
> 
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