Have you verified the existence of "cc1plus.exe" in folder CygWin\lib\gcc\i686-pc-cygwin\4.3.4?
Not sure the above applies after rereading your post.
Things that must be done to really test/use multiple GCC installations under windows.
Verify that NO gcc installations are in your system path.
Verify that x:\mingw does not exist for any value of "X"
Open an cmd prompt window.
change directory to folder holding CB project file.
set path to have the Compiler Bin folder first in the list
Try to execution the command used by CB under full compiler logging here.
I did it below and did not get error.
Microsoft Windows [Version 6.1.7600]
Copyright (c) 2009 Microsoft Corporation. All rights reserved.
D:\Users\stahta01>cd /d H:\SourceCode\CBProjects\TestProjects\testcyg
H:\SourceCode\CBProjects\TestProjects\testcyg>set PATH=D:\GreenApps\CygWin\bin;%PATH%
H:\SourceCode\CBProjects\TestProjects\testcyg>g++-4.exe -Weffc++ -Wall -g -W -I../testcyg -IH:/SourceCode/CBProjects/TestProjects/testcyg -IH:/SourceCode/CBProjects/TestProjects/testcyg -c H:/SourceCode/CBProjects/TestProjects/testcyg/main.cpp -o obj/Debug/main.o
Tim S.