What Android version is the custom ROM? The only options I saw for wireless tethering before 2.2 were programs like Wireless Tether that did set up ad-hoc networks like LoganK said. My original nook couldn't see my phone when I tried to tether with those programs.
Android 2.2 has a portable hotspot feature (as long as your carrier didn't lock it out in their stock version). I've used that to successfully tether with both my original nook and my nookcolor.
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