Well with some work maybe
If you are using the firmware from googlecode it would be the easiest since you'd have a proper crosscompiler with the right uclibc.
you see, the firmware and optware both use a different version of uclibc. SO if you would use the optware version of openvpn there might be compatibility issues when there is no optware uclibc library...
So pretty much you need to compile openvpn yourself, place it somewhere in flash and start it. It seems to be small enough
I don't know if you ever compiled something?
if you have linux (something like ubuntu) you can follow this how-to:
http://code.google.com/p/wl500g/wiki...CustomFirmware
just install the crosscompiler:
after that you can configure the sources by:mkdir -p /opt/brcm
tar -C /opt/brcm -jxvf hndtools-mipsel-uclibc-4.2.4.tar.bz2
ln -sf /opt/brcm/hndtools-mipsel-uclibc-4.2.4 /opt/brcm/hndtools-mipsel-uclibc
export PATH=$PATH:/opt/brcm/hndtools-mipsel-uclibc/bin
./configure --prefix=/somewhere/to/save --host=mipsel-linux