@rabits - I need your help. @moreD_cn has Hund's 4.2 kernel compiled so that will boot to linux and android. But it looks like your installer and init script needs to point to the new sdcard (/storage/emulated/legacy) directory. I copied my rootfs.img to "sdcard/linux/" but it doesn't see it on boot. I'm looking at the installer right now, maybe I can figure it out....
Once it is installed onto the SD, I really reccomend putting it in a card reader and creating an image of it using clonezilla on the PC. This makes it far faster and easier to write it back to whatever size of partition you chose. This is extremely helpful for backing it up if you are intending to try updates or installing any system apps that can wreck the whole OS.
From what I did try earlier (didn't have a lot of time though) the moreD_cn kernel worked really well on CROMIX 4.7.0, though it did freeze after about 5 mins (may need to change the voltages for using on my TF700).
I really hope this can kickstart developement on linux for out TF700's again as it would be extremely useful to a lot of people.