Depending on what your common code does, it may be possible to put it in one or more DLLs instead and reference them in each EXE. Then you wouldn't need to re-compile the EXEs at all.
Failing that, I can think of a couple of ways to compile a whole bunch of EXEs:
1. put them all in
VB Group, then just make the group
2. write some script to invoke VB6.exe from the command-line with the "/make" option, passing it the relevant project file names
hth
Phil