Based on the logs there should be no reason why Nemo would not boot, the important thing here is to look for entry "kexec_load() successful" adter the selection, this tells that the kernel was found from the specified location and after that it can be booted correctly.

There actually seems to be 2 cases kernel loading fails, and neither is with Nemo; first being the default boot (when nothing is selected from menu), it looks like then the boot does not succeed and second being Nitdroid boot with "zImage_e-yes_nitdroid+l2fix" kernel, I guess you do not have that kernel installed?

Other things that might affect the Nemo boot; when the kernel is selected at the same time the init line for it is constructed, and this uses the G_NEMO_INITSCRIPT variable, if this is incorrect, then Nemo cannot find its init and will propably fail.

Do you have possibility to use serial console to see the boot messages? You can access the RxD & GND pins fairly easily from the SIMcard slot.