Perhaps Slackware has something similar?
Once you have the chroot, it is very simple to use: chroot /path/to/chroot/root/directory
Then do whatever compilations, etc. inside that shell. When done, a simple "exit" command will return you to the host system.
I can get chroot set up on Slackware. Certainly would be faster than the virtual machine. I don't know why the VM is exceptionally slower with compiling but is reasonably snappy with basic usage.