Hey Shonky, use "our" other BMWish thread for these questions
Anyway, to resolve this thing, just:

1) Patch the kernel in order to return(0) on printk (also remove gunzip Loading........... stuff),
2) cd /dev; rm console; ln -s ttyS2 console

If you need anything (kernel, I-BUS emulor) without waiting for my web site update, just drop a message: I can send you my stuff (even if a bit dirty) that already works good .