Ok, attached is a preliminary binary which will work on the Z in landscape orientation.
It seems pretty fast, but it could probably do with optimisation. Also, it won't work on a native-landscape (i.e. non-Z) display anymore... it doesn't scroll the right way Once I've fixed that up I'll put a patch together.
For future reference, you need to have a UTF-8 locale set (e.g. LANG=en_US.UTF-8) before starting fbiterm; I wasted a few hours trying to get japanese characters to display before I figured that out. Changing LANG inside fbiterm isn't enough.