...
Now just compile the app and all the LIB files specified in the #implib statements will be created. With those in hand you can compile all your apps with circular references in one pass.
If you want your implib solution to clean up after itself you can always add a post-build task to delete the resulting EXE.
And if you really want to get rid of those circular references, I strongly recommend George Lehman's ClarionMag article: Eliminating Circular DLL Calls