Xcode is a useable IDE for library creation.
Of course a good first step is to see if the one source code will build on its own with configure scripts that are included.
If not, it becomes a question of how many libraries you need to link in.
There are resources online (or at least there used to be) for using Xcode (or perhaps it's forerunner Product builder) for porting Unix projects to Mac.
Good tutorial at: http://www.macresearch.org/tutorial-introducing-xcode-30-organizer
Another good reference is Darwin Ports.
As for doing this on your own. You can build c++ based libraries in XCode. People do that every day. You can even use one of the Xcode templates to get you started.
However, library dev requires more experience with Xcode then say a simple Cocoa "Hello World" app.
The remaining questions will be assuring that the source code's dependencies are already built into the Mac's SDK. (Don't hold your breath for linking to MFC)
It's a general question... So it's a general answer.