It looks like you've got the size configured based on the kernel messages.
If I was debugging it without a hardware debugger I'd start dropping printks throughout the kernel and try and figure out where it is hanging. It's a bit of work, but you start binary chopping down locations in the kernel. I do this a lot -- a hardware debugger is nice but it isn't the answer to everything. Sometimes just understanding the kernel boot flow and some well placed printks will get you your answer.
For this I'd disable the ethernet and dma and all the other drivers except for the serial port. When you get to the "unable to mount root filesystem" panic you know you've made it through most of the kernel and are getting ready to start up userspace. That's a good sign! Then turn on ethernet and dma (gotta have DMA) and get it mounting a root filesystem over NFS. Then start adding things like flash drivers.
--Kurt