Can I use a chroot on my dev machine to build an application to run on embedded linux installation?

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http://unix.stackexchange.com – I am trying to develop an application to run on an embedded linux installation. It comes with an older version of libc than I have on my development maching. If I were to create a chroot environment on my development machine, copy the libraries from my embedded device in such a way that the chroot environment mirrors the device and then build the application, would it be safe to run on the device? My dev machine and the device are both x86 32 bit so I don't think I need to cross compile. Also should the application I write require linking to additional libraries (that are not present on the (HowTos)