Make a folder somewhere on your mac: mkdir PalBuilderBuild
Download and unzip Pal Builder: wget https://downloads.cloudpiston.com/PalBuilder.zip
Unzip: unzip PalBuilder.zip
Make macpackage.sh executable: chmod u+x macpackage.sh
Execute it: ./macpackage.sh
It should build the package in dist/PalBuilder-unsigned.pkg
Open the dist folder in Finder and double click the .pkg file to install it.
Note: the first time you run Pal Builder you will need to adjust the screen panels. Mouseover and click on the panels for the left menu and editor menus to resize them.