Hi!
FW 1.9.2.7-10 is very old now. Current release version is r5066 ( https://code.google.com/p/wl500g/downloads/list ).
Is is possible but only for some applications. There are incompatibilities in libraries like uclibc. You should save application config files and install applications from new repo to pure disk.
Unambiguously it is impossible to combine ipkg and opkg applications.
See http://code.google.com/p/wl500g-repo/wiki/Using
and automatically translated from Russian: http://translate.google.com/translat...6%26langid%3D3