I actually found a thread that suggested the error might be related to SJLJ/DW2 on StackOverflow, so I deleted my old SFML install (not remembering which it was) and was quite careful to download the TMD build, 32-bits, and not the DW2 build - still the same problem.
Also, I "upgraded" by uninstalling my old CodeBlocks install and then installing the new one which, according to the site, comes packaged with TDM-GCC (version 4.7.1, 32 bit). It's possible something was leftover from a previous installation, but when I uninstalled CodeBlocks everything in the CodeBlocks folder, which was where MinGW was installed, was removed, and I checked my compiler settings and found that it was indeed pointing to CodeBlocks/MinGW/ for the compiler directory, so it shouldn't be grabbing anything else.
I will follow your suggestion and upgrade to the 4.8.1 version, and see if that helps.