You're on the same exploratory path I would take, if I were you, so I'm not sure I can provide any real help.
However, knowing that it is a TI AR7RD with ADAM2 bootloader, tells us there could be many similar devices supported in the past by DD-WRT or OpenWRT. Have you looked at the
Linux-MIPS page on TI AR7? Apparently AR7 support was mainlined to the Linux kernel in 2.6.31, which indicate your SoC may be better supported than one might guess – at least in some kernel versions; perhaps pick a long-term maintained kernel soon after that?
Buffalo WBMR-G54 was supported by OpenWRT at some point (12.09 Attitude Adjustment). It has the same SOC, Adam2 bootloader, and even the same serial port settings 8N1/38400; and that OpenWRT page shows almost the same version (0.22.02_b04) you have (0.22.03). To me, this indicates the buildroot for ar7 in OpenWRT 12.09 Attitude Adjustment, and particularly the configuration for Buffalo WBMR-G54, should be useful.
Yours is very limited in RAM – half that of the Buffalo WBMR-G54 – so I am not suggesting to run that version of OpenWRT, but that perhaps investigating the OpenWRT 12.09 port for WBMR-G54 helps you build a buildroot (cross-compiling environment) for yours to at least run a kernel and a minimal userspace; perhaps even with support for the networking interfaces on it. I didn't check, just hoping.
(I personally am just about to rebuild my OpenWRT build environment. I used a modified OpenWRT HEAD with a custom transparent bridging enabled on an Asus RT-AC51U, then when 19.07 came available switched to that. But it turns out the custom bridging was much, much better. Basically, the switch itself is invisible except when connecting via a dedicated "management" LAN port on it; so very little to worry about hacking-wise.)