Lots of tools do it, including mine, but most, including mine, use the PowerScript LibraryExport() function, which will trash the binary portion of the OLE objects. The only tool I know of that does exporting correctly, including OLE binaries, is PowerGen, however if you're picking GIT for it's price, you most likely won't like PowerGen. (There's a ton of reasons to want PowerGen in your toolbelt, BTW. There are scrapes that only PowerGen can get you out of.)
As I think you were alluding to, if you pick a source control tool that supports Microsoft's SCC API interface, then you don't have to worry about all this; you'll just be able to have PowerBuilder interface directly with the source control tool. I used PB with CVS years ago, but I'm afraid I don't recall which extra components I had to put into place and how. One of Sybase's NNTP newsgroups is devoted to PB and source control, and if they haven't already addressed the issue of free source control, I bet they'd have interesting comments.