Another user wanted to do the same just last week:
However, if you are still on the vendor firmware, there is another way. I just realised this from reading the backup instructions on the wiki.
Following the backup instructions, you can extract the two firmware partitions:
- kernel partition (should be mtd3, ca. 1.5MB): will identify as an ELF file, first bytes
0x790x7F 'E' 'L' 'F' - rootfs partition (should be mtd4, ca. 13MB): will identify as a squashfs archive, first bytes "hsqs"
If these two partitions are concatenated, you have effectively created a sysupgrade file you can use from OpenWrt.
Edit: I've added both methods to the wiki page. That should help future users.