This message was posted on behalf of Intel Corporation
Why do you need to install 3.4? Do you need a plugin/extension/etc. that is not available on 3.3? Which one?
Regarding the recipe you are currently working on, I'd suggest you to read http://www.yoctoproject.org/docs/current/dev-manual/dev-manual.html#new-recipe-writing-a-new-recipe, I believe the Writing a New Recipe section will be of much help for you. If you go through the guide you will find the details of how a recipe is constructed, you will find that compilation can be done by two different methods, Autotools or CMake, I believe you have to use CMake for what you are trying to achieve.
Your work so far looks very good but this guide is very complete and should help you a lot in your project.