Heh 
. This went almost as well as expected for that target, you see what you are up against... Well, you don't know it, but the initramfs are build before the images are being done. So check your /home/owrt/openwrtbin/targets/bcm53xx/generic/ for the openwrt-bcm53xx-generic-meraki_mr32-initramfs.bin. This is that mr32-initramfs.bin .
(Maybe CONFIG_TARGET_INITRAMFS_COMPRESSION_LZMA=y needs to be enabled as well. But from what I remember the MR32 uses kexec and it wouldn't boot
smaller images. We'll see.)