If you want to boot off the emmc take a look at how Meego CE/nemo can do it: http://wiki.meego.com/ARM/N900/Install/EMMC NB. their findings indicated it would be better (faster) to use an SD card.
IIRC, i was reading somewhere around here strongly discouraging activation of r&d mode ...
Edit: you wont be able to use your M900 [sic] as a phone while doing all this??