At the risk of sounding redundant - almost everything you ask for currently exists in the standard build most empeg owners probably use (ie developer build of 2.0b11 and hijack)
This gives you your shell prompt (over serial) but just do a quick BBS search for telnet and you will find a couple of solutions.

The FAQ is your friend
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Rory
MkIIa, blue lit buttons, memory upgrade, 1Tb in Subaru Forester STi
MkII, 240Gb in Mark Lord dock
MkII, 80Gb SSD in dock