Rebuilding modules uses MinGW, not the Blitzmax compiler.
It uses both, surely? Vast chunks of the modules are written in BlitzMax, so you can't compile them only with MinGW. (?)
As Htbaa says, you need both a debug and release build, and by default that's what you get. The other compiler options don't apply to a module. In short, if you're doing it from the IDE, you don't need to worry about settings. If you're doing it from the command line, you need to compile a debug build and a release build. Which I guess is -d and -r. But I think you're probably doing it from the IDE.