If you are going the serial router, make sure the usb->serial is 3v3, not higher. I can't see in the link you gave whether the phone cable is 3v3 or 5v.
But before you do that have you tried via failsafe (with ethernet connection):
For the (box branded) WR740N v2.4 and v4.23 the below works for recovery from nasty stuff like dropbear lockout, mtd overlay size problems or other software misuses :
Unplug the router's power cord.
Connect any router LAN port directly to your PC.
Configure your PC with a static IP address: 192.168.1.2
Plug the power on to the router.
Wait until the "SYS" LED starts flashing repeatedly.
Press the "QSS" button (on the front/back of the router) → the "SYS" LED will now start flashing at a faster rate.
Login to the router by using telnet to connect to the IP address 192.168.1.1 → there will be an immediate unauthenticated login to a root shell.