Apparently LLVMTestingSupport must be built before llvm-config can be asked for it. Symptom with LLVM_INCLUDE_TESTS=ON is:
$ ./path/to/llvm-build/bin/llvm-config --ldflags --libs testingsupport -L/path/to/llvm-build/lib -Wl,-search_paths_first -Wl,-headerpad_max_install_names llvm-config: error: component libraries and shared library llvm-config: error: missing: /path/to/llvm-build/lib/libLLVMTestingSupport.a
With LLVMTestingSupport as dependency of compiler-rt-configure we get the expected behavior:
$ ./path/to/llvm-build/bin/llvm-config --ldflags --libs testingsupport -L/path/to/llvm-build/lib -Wl,-search_paths_first -Wl,-headerpad_max_install_names -lLLVMTestingSupport -lLLVMSupport -lLLVMDemangle