Ah, I see - I built as a "java tool" in Project Builder, so I was only interested in seeing that a suitable .jar was created. If you're a real PB fan, then you're probably trying to build an OSX application bundle so it's double-clickable.
This works for me:
* create a "Java AWT Application" PB project
* drag in the source file
* drag in QTJava.zip
* in Targets:Pure-Java Specific, make sure the Main-Class is "com.mac.invalidname.simpleqtplayer.SimpleQTPlayer"
* under "Target VM Version", select 1.3.* (not 1.3+). This will lock the executable into 1.3 and won't use 1.4 even if it's there.
I had a little trouble with the classpath. If you do too, look inside the created double clickable (under "build", do ctrl-click for "show package contents") and look under Contents/Resources/Java to verify the name of the jar, which should be the only classpath entry on the pure-java specific panel (probably something like $JAVAROOT/SimpleQTPlayer.jar)
Mea culpa - I'm an emacs-and-ant guy by nature.