Caveats out of the box
This router claims to use CFE version 1.0.37 before booting into linux. Although, it appears slightly different than the version on the lab's 54GL's. Most noticeably, CFE does not recognize the ethernet hardware when first booting. Recognizing NVRAM settings and communicating with the network is reserved for after linux is up. This made the device unable to load the XINU code using the "boot -elf..." command. A tip from the OpenWRT forums gives a little insight: 
A network cable was run from a front-end machine capable of communicating with the router at its default address of 192.168.1.1. From there, a blank image was tftp'd (using put) to the router during booting. The inability to verify this image as valid causes the device to drop to a CFE prompt--this time with the network communicating. At this point, one can use the standard procedure of ifconfig and boot commands as per WRT54GL protocol. Strangely, just as this procedure grew tedious, the WRT350N CFE prompt changed its disposition, and began communicating with the server as hoped. Apparently, beating the device with empty images through tftp does the trick.