I've tried your test and it works for me, even with corebuild (but, are sure that Bolt should be written uppercased? In linux, it is not accepted). So, I would like to assure you, that the problem lies somewhere else.
There is no magic with corebuild, it just a thin wrapper around ocamlbuild:
cat `which corebuild`
so there shouldn't be any issues with it.
Make sure that yo're specifying an environment variable correctly. You should either specify it on each invocation, like this:
BOLT_CONFIG=./bolt.config corebuild -pkg bolt -libs dynlink test.byte --
or you can just export it once:
export BOLT_CONFIG=./bolt.config
P.S. my configuration is:
OCaml 4.01.0 installed via opam 1.1
Linux Debian Squeeze
bolt 1.4
core 111.08.00