Not knowing what netconsole is, I found
this. I don't know if this is the sort of procedure that you had in mind, but uboot-envtools (the package that provides fw_setenv and fw_printenv) doesn't work on the Sheevaplug, due to an endian-ness issue.
I also tried setting stdin, stdout, stderr according to the link referred to above. It doesn't alter boot behaviour. I don't know if I did it right, but I can't say that the answer to your question is yes.