Optware or Entware
I don’t know. Entware isn’t an option since there are no official mipsel arch packages. I came across unofficial package repo on linksysinfo forums - but it didn’t seem to be a good idea to depend on those. OptwareNG commit history is somewhat active - so that’s good.
OptwareNG
Preparation
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Partitioned USB pen drive - 
optware- 768Mb
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swap- linux swap - 195Mb
 
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Enable usb support and automount - 
add to Administration → Scripts → init echo "LABEL=optware /opt ext2 defaults 1 1" >> /etc/fstab
 
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DNS resolution did not work out of the box (since I have this configured with WAN disabled.) - 
run echo "nameserver 192.168.1.1" >> /etc/resolv.dnsmasq
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add the above to Administration → Scripts → init 
 
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Run script from optware github readme for mipsel - - 
wget -O - http://ipkg.nslu2-linux.org/optware-ng/bootstrap/buildroot-mipsel-ng-bootstrap.sh | sh
 
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