Hi
I haven´t done this, but the dnsmasq programm in Olegs Firmware is capable of Bootp Requests, so you should only have to install a tftp server on the wl500 and configure it all acording to some remote boot howtos on the net ...
USB Bandwitch should become a problem with more than one client because you usualy have to export a file system for the clientes and usb1.1 is slow.
Thats no Problem if you just want to run a beauwolf cluster or so, who knows .
Greets