bcc32 -c -pr -O2 -C -K -k- -d -3 -r-

-c      Compile to object file only, do not link
-pxxx   Use Pascal calling convention
-C      Enable nested comments
-K      Set default character type to unsigned
-k      Generate standard stack frames
-d      Merge duplicate strings
-3      Generate 80386 protected-mode compatible instructions
-r      Use register variables
-O      Optimize jumps