Thanks for clear procedure.
I've ticked the checkbox "advanced options" in GUI for SQM.
By default, it's unchecked, and this procedure tells to let it unchecked 
And for the others settings :
root@OpenWrt:/etc/config# cat /etc/config/sqm
config queue 'eth1'
option enabled '1'
option interface 'eth1'
option download '14000'
option upload '700'
option qdisc 'cake'
option script 'piece_of_cake.qos'
option qdisc_advanced '1'
option ingress_ecn 'ECN'
option egress_ecn 'ECN'
option linklayer 'atm'
option debug_logging '0'
option verbosity '5'
option squash_dscp '1'
option squash_ingress '1'
option overhead '44'
option linklayer_advanced '1'
option tcMTU '2047'
option tcTSIZE '128'
option tcMPU '0'
option itarget 'auto'
option etarget 'auto'
option qdisc_really_really_advanced '1'
option eqdisc_opts 'nat dual-srchost memlimit 32mb'
option iqdisc_opts 'nat dual-dsthost ingress memlimit 32mb'
option tcMTU '2047'
option tcTSIZE '128'
option tcMPU '88'
option linklayer_adaptation_mechanism 'default'
Test :
root@OpenWrt:/etc/config# /etc/init.d/sqm stop
SQM: Stopping SQM on eth1
root@OpenWrt:/etc/config# tc -s qdisc
qdisc noqueue 0: dev lo root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
qdisc fq_codel 0: dev eth0 root refcnt 2 limit 10240p flows 1024 quantum 1514 target 5ms interval 100ms memory_limit 4Mb ecn drop_batch 64
Sent 80302412490 bytes 55690656 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
maxpacket 0 drop_overlimit 0 new_flow_count 0 ecn_mark 0
new_flows_len 0 old_flows_len 0
qdisc fq_codel 0: dev eth1 root refcnt 2 limit 10240p flows 1024 quantum 1514 target 5ms interval 100ms memory_limit 4Mb ecn drop_batch 64
Sent 8514 bytes 90 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
maxpacket 0 drop_overlimit 0 new_flow_count 0 ecn_mark 0
new_flows_len 0 old_flows_len 0
qdisc noqueue 0: dev br-lan root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
root@OpenWrt:/etc/config#
Cloudflare test with no traffic on any pc :
Five seconds after the test :
root@OpenWrt:/etc/config# tc -s qdisc
qdisc noqueue 0: dev lo root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
qdisc fq_codel 0: dev eth0 root refcnt 2 limit 10240p flows 1024 quantum 1514 target 5ms interval 100ms memory_limit 4Mb ecn drop_batch 64
Sent 80475364756 bytes 55831592 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
maxpacket 0 drop_overlimit 0 new_flow_count 0 ecn_mark 0
new_flows_len 0 old_flows_len 0
qdisc fq_codel 0: dev eth1 root refcnt 2 limit 10240p flows 1024 quantum 1514 target 5ms interval 100ms memory_limit 4Mb ecn drop_batch 64
Sent 10236858 bytes 41139 pkt (dropped 0, overlimits 0 requeues 3)
backlog 0b 0p requeues 3
maxpacket 1454 drop_overlimit 0 new_flow_count 5 ecn_mark 0
new_flows_len 0 old_flows_len 0
qdisc noqueue 0: dev br-lan root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
Then:
root@OpenWrt:/etc/config# /etc/init.d/sqm start
SQM: Starting SQM script: piece_of_cake.qos on eth1, in: 14000 Kbps, out: 700 Kbps
SQM: piece_of_cake.qos was started on eth1 successfully
root@OpenWrt:/etc/config#
root@OpenWrt:/etc/config# tc -s qdisc
qdisc noqueue 0: dev lo root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
qdisc fq_codel 0: dev eth0 root refcnt 2 limit 10240p flows 1024 quantum 1514 target 5ms interval 100ms memory_limit 4Mb ecn drop_batch 64
Sent 80478264792 bytes 55836271 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
maxpacket 0 drop_overlimit 0 new_flow_count 0 ecn_mark 0
new_flows_len 0 old_flows_len 0
qdisc cake 8051: dev eth1 root refcnt 2 bandwidth 700Kbit besteffort dual-srchost nat nowash no-ack-filter split-gso rtt 100ms atm overhead 44 mpu 88 memlimit 32Mb
Sent 21524 bytes 174 pkt (dropped 0, overlimits 65 requeues 0)
backlog 0b 0p requeues 0
memory used: 8Kb of 32Mb
capacity estimate: 700Kbit
min/max network layer size: 40 / 1278
min/max overhead-adjusted size: 106 / 1484
average network hdr offset: 7
Tin 0
thresh 700Kbit
target 26ms
interval 121ms
pk_delay 15.4ms
av_delay 617us
sp_delay 33us
backlog 0b
pkts 174
bytes 21524
way_inds 0
way_miss 26
way_cols 0
drops 0
marks 0
ack_drop 0
sp_flows 3
bk_flows 1
un_flows 0
max_len 1292
quantum 300
qdisc ingress ffff: dev eth1 parent ffff:fff1 ----------------
Sent 114397 bytes 200 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
qdisc noqueue 0: dev br-lan root refcnt 2
Sent 0 bytes 0 pkt (dropped 0, overlimits 0 requeues 0)
backlog 0b 0p requeues 0
qdisc cake 8052: dev ifb4eth1 root refcnt 2 bandwidth 14Mbit besteffort dual-dsthost nat wash ingress no-ack-filter split-gso rtt 100ms atm overhead 44 mpu 88 memlimit 32Mb
Sent 117197 bytes 200 pkt (dropped 0, overlimits 85 requeues 0)
backlog 0b 0p requeues 0
memory used: 6Kb of 32Mb
capacity estimate: 14Mbit
min/max network layer size: 46 / 1500
min/max overhead-adjusted size: 106 / 1749
average network hdr offset: 8
Tin 0
thresh 14Mbit
target 5ms
interval 100ms
pk_delay 938us
av_delay 88us
sp_delay 39us
backlog 0b
pkts 200
bytes 117197
way_inds 0
way_miss 26
way_cols 0
drops 0
marks 0
ack_drop 0
sp_flows 3
bk_flows 1
un_flows 0
max_len 1514
quantum 427
Note: I've set bandwidth in OpenWRT/SQM at approx 90% of my real bandwidth, as advised in this guide : https://openwrt.org/docs/guide-user/network/traffic-shaping/sqm.