It is not uncommon to use multiple licenses on a single project. (See: Dual-Licensing) In fact, Mozilla uses a "Tri-licensing" scheme, which gives their users a choice between MPL, GPL, or LGPL licenses; whichever best suits the user's needs.
So don't limit yourself to sticking it out for just one license. (There is no "one license to rule them all")
On the other hand, it would be perfectly acceptable to just not include dependencies in your project. If you require modified version of those dependencies (because maybe one of the libs is broken, or you which to add features) the simple solution is to instead provide patches for the dependencies; your makefile might even fetch the dependencies from official distribution points (some third-part CVS/SVN, for example) and then apply your patches and build it. OpenBSD's ports system works in this manner, and effectively at that.
Thus you end up with a complete separation of project files vs dependency files; each of which can use whatever licensing system they please, all without conflict. Something to consider.
So don't limit yourself to sticking it out for just one license. (There is no "one license to rule them all")
On the other hand, it would be perfectly acceptable to just not include dependencies in your project. If you require modified version of those dependencies (because maybe one of the libs is broken, or you which to add features) the simple solution is to instead provide patches for the dependencies; your makefile might even fetch the dependencies from official distribution points (some third-part CVS/SVN, for example) and then apply your patches and build it. OpenBSD's ports system works in this manner, and effectively at that.
Thus you end up with a complete separation of project files vs dependency files; each of which can use whatever licensing system they please, all without conflict. Something to consider.
Comment