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I'm having the same problem. OS X 10.7.2, ST2 build 2156.

Strangely, I did manage to get the PATH variable to be recognized by ST2 a week ago, by adding
launchctl setenv PATH $PATH
to my ~/.bash_profile (after I'd set PATH). It seemed to take a reboot or two after I did that, but finally it just started working - I was able to hit CMD+B in ST2 and it would find the build program in my custom path instead of spit out "File not found". Now, I've just updated ST2 to the latest build and it's apparently broken again!

I wish I knew the correct way to get PATH recognized in ST2... I'm just not following the rest of the suggestions here (unfortunately I'm not a Python guy, yet).