I just did this to keep my Vim7 patched. I started out with the binary built at www.macvim.org.
Then I do this:
cd /usr/local/src
svn co https://svn.sourceforge.net/svnroot/vim/vim7
cd vim7/src
./configure \
--enable-perlinterp \
--enable-pythoninterp \
--enable-tclinterp --with-tclsh=tclsh8.4 \
--enable-rubyinterp \
--enable-multibyte \
--enable-cscope \
--with-features=huge \
--with-compiledby=my.addy@something.com
make
make test
sudo make install (this will install Vim.app in /Applications)
I then rename the original binary and copy the new one into /Applications/vim70
When patches come out:
cd /usr/local/src/vim7
svn update
make
make test
make install
Move everything again...and I am up-to-date.