Serial console is the option I would (in the past have had forced on me to) use.
It also enables a degree of debugging, and easy modification of the uboot environment to correct any errors preventing the kernel from booting Linux.
All the information you need is available on the web in a more complete form than I could post, most of it here (this forum), some on plugcomputer.org, the rest google can find.
All flashing can be done from within u-boot itself, even updating u-boot.
Here are a few pointers...
USB to Serial 3v3 Adapter & Guruplug UART port pinout
google it (omit 'guruplug' from any searches) - 'lots' of embedded devices have been hacked this way for years, or go straight to the openwrt.org forum and search there.
I purchased my no-brand USB Serial Adapter online via ebay (I believe it was advertised as being for a Sony Ericcson Phone).
The difficult step is connecting it to the guruplug, I have still been unable to source the proper connector (after cutting off the phone one

.
NOTE: make sure you buy a 3v3 adapter and not a 5v one (which will blow your guruplug up).
kwuartboot - this may enable you to recover should the plug become bricked (search this forum).
References for 'how' and 'what' to flash with u-boot can be found on this or plugcomputer.org.
eg
http://www.newit.co.uk/forum/index.php/topic,1810.msg5118.html#msg5118