Run the following commands in the command line interface (cli)
ipkg install optware-devel buildroot openssl-dev
tar zxvf psyBNC-2.3.2-7.tar.gz
When prompted put in the credentials for creating the ssl cert. You can just hit enter for all default values.
Edit psybnc.conf to use the port you want. (vi /opt/psybnc/psybnc.conf) For some reason the default port (31337) won't start for me.
Afterwards enter the following commands. This will start the app this, and every reboot.
echo "#!/bin/sh" > /opt/etc/config/psybnc.wanup
echo "cd /opt/psybnc && ./psybnc" » /opt/etc/config/psybnc.wanup
chmod +x /opt/etc/config/psybnc.wanup
As far as the app functions I don't know, I've never used it. You'll have to refer to the psybnc documentation to set it up how you like.