Installed as service on Router?

Has anyone tried installing serviio onto their router? Haing put serviio on linux, I have a feeling it could be compiled and run on a router, but the router would need usb support in order to have enough space for the serviio app and its dependencies. What I am most curious about is whether the router could handle the transcoding. In my mind, this seems like an awesome solution (if it would work) and would cut down on electrical consumption and points of failure on the network.

Has anyone tried?

What would be the minimum specs you would think the router should have? I am wondering if a CPU of AR7241 (400MHz) would handle it with other limited routing functions.