I tried last night on my Tosa, but the Angstrom console image I had had no loop support, so I couldn't mount the android.img.
If there's any way to mount it without loop support, I'd be happy to entertain another option.
I'll be looking for the loop module for Tosa in the meantime.
And in case any Angstrom devs are watching (bugs.openembedded.org is down right now):
The console image works well, except for suspend. Actually suspend works fine the first time, but the second time it hangs with a message about waiting for ac97.
I'll post the exact message when the bugtracker is back up.
Thanks all.