Sorry I could not reply earlier as I was on travel. The recommended way to post your question is to
panda...@googlegroups.com -- you will be a faster response.
It is NOT possible to boot directly into a USB flash drive. The main reason that OMAP's internal ROM code probes for 1st stage bootloader (MLO file) on serial, MMC & NAND - the probe order depends on the SysBoot pins settings for the platform your are using. The rom code does not probe on USB drives at present.
Technical Details of OMAP boot process can be found at :
http://omappedia.org/wiki/Bootloader_ProjectRegards, --Jayabharath