The key lines from the "lsusb -v" command:
wHubCharacteristic 0x0009
Per-port power switching
Per-port overcurrent protection
This seems to indicate that the USB port does support power switching. I can't confirm that it is really true without the specification sheet for the AR71xx chip.
EXCEPT: The info is for the EHCI driver, which is high speed 2.0
The modem is USB 1.10 (see the output of lsusb -v for the modem: bcdUSB 1.10), which means that you will be using the OHCI driver. It looks like the OHCI driver doesn't implement power control. Source code is in:
<source_root>/target/linux/ar71xx/files/drivers/usb/host/
for the OpenWrt parts and in
<kernel_root>/drivers/usb/host/
for the main kernel.
Support for the AR71xx chips is supplied by the OpenWrt team and not the mainline kernel. You would need to ask them (the OpenWrt developers) about power control in the OHCI driver for the AR71xx chips.