Yes, I also think that M32GBinit.sh should not be the culprit. It's a short script and I couldn't find anything dealing with the kernel or even bootloader, but simply copying the rootfs and restart a few daemons (GPS, etc).

I will try again without overclocking (while still using kernel-power) and with fbcon.so installed.

The reboot loop didn't display any console messages. And yes, KBD was opened.

I wonder if:
- You can update the scripts to PR1.3 because there are more using 1.3 than 1.2, i believe

- The duplicated rootfs picks another location other than /home (say /home/emmcroot to make /home "cleaner" and to avoid confusion?

It doesn't hurt me to reflash as I have everything backed up with BackupMenu.