When building with precompiled libraries on Linux, Boost used libs from outside the lib dir which prevented CMake from finishing. This restricts CMake to only use the libs from the precompiled libraries.
I did some various tests with the four variables. The two that I can tell prevent errors are set(Boost_NO_BOOST_CMAKE ON) and set(BOOST_ROOT ${LIBDIR}/boost). For example, without BOOST_ROOT set, AL lib prints invalid header errors at Blender runtime.
@Ray Molenkamp (LazyDodo) suggested the variables besides Boost_NO_BOOST_CMAKE.