I received the serial cable, so a quick feedback:
1. The cable I've got has some weird effect on a chip. For example, it doesn't even start with TX connected (but starts just fine if TX is disconnected at the moment it starts). Makes it a little bit tricky to get into the proper boot menu. I used a script which repeatedly presses "4" (which is boot menu editor). Once there you can type "reset" and then use the '2' option as said above ;now my script is fast enough to press '2' followed by 'y' to get into that menu.
2. My u-boot shows only 8M of RAM, but the device does have 16M which can be confirmed by booting the original firmware. Same U-Boot 1.1.7 (Dec 13 2011 - 13:49:42) as Squonk has.
3. OpenWRT was flashed in and seem to work fine. However I had to add "mem=16M" command-line option for the kernel to see all 16Mb since the bootloader tells it there's only 8Mb. To do so you need to do "make kernel_menuconfig" in the OpenWRT dir, enter "Kernel hacking" and add "mem=16M" into "Default kernel command string". Then do make.
I also made a backup of the original firmware so if anyone needs it, ping me. Or I can upload it somewhere.