I got it working to an extent although I would like more help later if possible.
As of now, I found a way to get what I need and right now it is hitting this particular link, which is the list of available packages for Angstrom embedded linux distribution (used by Beaglebone etc): http://feeds.angstrom-distribution.org/feeds/core/ipk/eglibc/armv7a-vfp-neon/base/
I removed rpm and installed opkg (emdebian based) for ipk packages. After which, I added that link above to /etc/opkg/base-feeds.conf.
I ran update and successfully installed nano!
My questions are: When I do opkg print-architecture the output shows all, armv5, armv7a, etc. Does that mean any of those packages built for those listed architectures will work in my system?
Any other links for packages lists/repository I can use as "feeds"? Does anyone have an idea?
In local.conf, if I use PACKAGE_CLASSES ?= "package_ipk", it lists everything installed on the system so that I can also do an upgrade (which would upgrade all packages in the system).