Well, I realized that the run-basic-testsuite target is defined in the main build (in the $JBOSS_HOME/build dir) and not in the testsuite build ($JBOSS_HOME/testsuite dir). The quick start guide needs to be updated for this.
In addition, I bumped up the memory to 256 (both min and max) for JBoss ... this seemed to fix a lot of problems but I still got some out of memory errors. Also, I got a number of other errors.
In addition, I did a visual (i.e. not precise) comparison between my test results and the nightly test results from http://lubega.com and they are comparable -- so that gives me a little warmer feeling :)
In general, I am getting about a 90% success rate.