...of course I had to try it, after all.
Turns out that the Linksys version of the kernel is already patched with ebtables. The only thing missing from openwrt is the modules from buildroot/build_mipsel/WRT54GS/release/src/linux/linux/net/bridge/netfilter and the userspace tool that you get from the ebtables sourceforge page (you'll have to cross-compile it for mipsel, of course). You also need to install /etc/ethertypes from the ebtables package.
Now, this does work. The only problem is that the Linux kernel isn't actually bridging traffic on the WLAN, and it doesn't bridge the traffic on the switch ports, either. So this only has an effect on traffic between the WLAN and the switch ports. (someone please correct me if this is wrong - it seems reasonable and it seems to work that way when i test it)
You can of course split the switch into four separate interfaces and do software bridging between all the ports (right, someone?), but that will still not help you with traffic between WLAN clients.
/Hans