I strongly recommend to have a serial console, so even if your kernel does not boot, you will still have the U-Boot bootloader to restore the router back to work.
You only need a cheap TTL UART/USB converter, like the Nokia CA42 cable you can find everywhere (just cut the Nokia connector side), and solder 3 wires on the tiny little pads described here.
This way, you can always restore a working image or even go back to the orignial firmware (and you don't need to buy tons of routers!).
Thee instructions above are ok, but, I recommend to use the "Attitude Adjustment" branch rather than the "trunk":
svn co svn://svn.openwrt.org/openwrt/branches/attitude_adjustment
The "AA" branch is more stable than the trunk, which may be broken from time to time... And the "AA" branch contains also the LuCI web admin interface by default, so it is a little bit easier.
You do the "make menuconfig" with these "Target System" and "Target Profile", then:
The "3" should be your number of CPU on your host machine + 1, so "3" is for a dual-core host.
The first time, it may takes hours to compile, as the toolchain is built first, then the kernel and the rootfs.
You then obtain in the "bin/ar71xx" subdirectory the "openwrt-ar71xx-generic-tl-wr703n-v1-squashfs-factory.bin" and "openwrt-ar71xx-generic-tl-wr703n-v1-squashfs-sysupgrade.bin" files.
In the case of the TL-WR703N (this is not the case for other platforms), the 2 files are identical, except that the "*factory*" one contains extra 0xff padding at the end to be flashable by the original TP-Link Chinese firmware.
Good luck!