The Nook Simple Touch has similar hardware and has a forum here. Perhaps the OTG tools from it could be used here too. For the NST they use a custom kernel I think, but we can also load one using kexec (from a thread here).
You also need to port device drivers for the various devices you plan to install, such as USB mass storage, USB keyboard, USB sound (for K4), USB mouse, USB bluetooth, etc. You may also need to write code that knows how to traverse a USB hub. Some of this may be portable from android or debian linux repositories, but some may need custom drivers.
It just takes somebody with enough interest and time to dedicate to it.
Last edited by geekmaster; 08-12-2012 at 08:01 PM.