[Sony Xperia S, Acro S, Ion] letama:
last_kmsg is coming from ram_console. ram_console is using a special memory location that persists between boots, it stores previous kernel dmesg to be able to display it at next kernel boot. Very useful if you have a kernel crash, you can take a look at it to figure out what was wrong. As with dual boot we can boot multiple kernels, your loopback kernel will show the native kernel log. That's one huge benefit of bootmanager, it helps a lot with kernel development.

Anyway, back to topic, your boot manager repack is good, system starts.

This show that init starts and partitions are mounted properly:

[ 2.789992] init: cannot open '/initlogo.rle'

[ 2.889138] EXT4-fs (mmcblk0p12): mounted filesystem with ordered data mode. Opts: barrier=1

[ 2.900575] EXT4-fs (mmcblk0p13): mounted filesystem with ordered data mode. Opts: nomblk_io_submit,errors=remount-ro

[ 2.946377] fs_mgr: Running /system/bin/e2fsck on /dev/block/mmcblk0p13

[ 3.013613] EXT4-fs (mmcblk0p13): mounted filesystem with ordered data mode. Opts: barrier=1,data=ordered

[ 3.021503] EXT4-fs (mmcblk0p14): recovery complete

[ 3.023582] EXT4-fs (mmcblk0p14): mounted filesystem with ordered data mode. Opts: nomblk_io_submit,errors=remount-ro

[ 3.086335] fs_mgr: Running /system/bin/e2fsck on /dev/block/mmcblk0p14

[ 3.106073] EXT4-fs (mmcblk0p14): mounted filesystem with ordered data mode. Opts: barrier=1,data=ordered,noauto_da_alloc

[ 3.195953] EXT4-fs (mmcblk0p10): barriers disabled

[ 3.198230] EXT4-fs (mmcblk0p10): recovery complete

[ 3.200074] EXT4-fs (mmcblk0p10): mounted filesystem with ordered data mode. Opts: barrier=0

Further, you go up to adbd:

[ 4.159964] enable_store: android_usb: already disabled

[ 4.160257] enable_store: android_usb: already disabled

[ 4.195798] adb_open

[ 4.195954] mtp_bind_config

[ 4.196068] adb_bind_config

So it means that adb logcat *:v should show something (if it's enabled, it could be not if default.prop is not set with adb).

Your problem is here:

[ 4.885300] Unable to handle kernel NULL pointer dereference at virtual address 00000404

[ 4.885466] pgd = ee128000

[ 4.885543] [00000404] *pgd=00000000

[ 4.885757] Internal error: Oops: 5 [#1] PREEMPT SMP ARM

[ 4.885838] Modules linked in: bcm4330(O)

[ 4.886063] CPU: 0 Tainted: G W O (3.4.0+1.0.21100-OpenSEMC-g59dffc1 #1)

[ 4.886221] PC is at msm_open_config+0x78/0xf8

[ 4.886367] LR is at msm_open_config+0x48/0xf8

[ 4.886447] pc : [<c048fb64>] lr : [<c048fb34>] psr: 60000013

[ 4.886451] sp : ee0e9e20 ip : 00000001 fp : 00000000

[ 4.886658] r10: edf960dc r9 : 00000026 r8 : 00000000

[ 4.886738] r7 : 00000000 r6 : 00000000 r5 : edf4c500 r4 : ee45d540

[ 4.886882] r3 : 00000000 r2 : c0bc8378 r1 : edf4c500 r0 : 00000000

[ 4.887027] Flags: nZCv IRQs on FIQs on Mode SVC_32 ISA ARM Segment user

[ 4.887111] Control: 10c5787d Table: 6e32806a DAC: 00000015

Kernel crashes and reboots.

It seems related to camera somehow... I'd try to remove /system/lib/hw/camera.msm8660.so from your build and check if it boots.

For the root cause, no clue :) but don't search for a repack problem, it's not related to it (except of a weird file/directory permission problem).