Hi Steven,
So there is some more documentation at: https://github.com/trailofbits/mcsema/blob/master/docs/TOOLS.md
Let me describe it in a bit more detail.
You start with an original file called translateme.obj file with an entry point named "orig_entry". The entry point has a cdecl calling convention and takes one argument. It will return (instead of say call ExitProcess()).
You translate it with bin_descend. Now you have a translateme.cfg file.
When you translate the translateme.cfg file to bitcode, all functions are translated to a new function that takes a register context as input. If you want to re-link any original code that used translateme.obj, you will need to convert the original parameters to a register context. Luckily the -driver option of cfg_to_bc will do this for you!
so the option of -driver=new_entry,orig_entry,1,return,C means:
In the translated bitcode, create a function named new_entry, that takes one argument, has cdeclc alling convention and returns. Make the function new_entry create a register context and call the translated function orig_entry.
Artem