You can introduce another variable. It doesnt consolidate both checks, but it at least avoids having to put the body in twice:
do_it =
ifeq ($(GCC_MINOR), 4)
do_it = yes
endif
ifeq ($(GCC_MINOR), 5)
do_it = yes
endif
ifdef do_it
CFLAGS += -fno-strict-overflow
endif