I just tried this myself and it seems to work like a charm. I moved /sbin/hijack to /sbin/empeg-preinit and added that mount line at the beginning of my [hijack] section in config.ini. Both /programs0/telnetd and /programs0/gpsapp started like a charm.

I just hope hijack isn't running /sbin/empeg-preinit as an alternative to /sbin/hijack, as I would then be making an ass of myself with these observations