All data is stored in ~/OBSLight and subdirectories.
Configuration file is ~/OBSLight/obslightConfig.
You can't use the kernel package, because it has flags to prevent builds on ARM. You must use another package, for example the kernel-adaptation-n900 package.
If the project on your OBS doesn’t provide some dependencies and you must add a repository to your chroot's zypper configuration, you have two choices:
obslight addRepoInChRoot --projectLocalName MeeGo_1.2_oss --url http://download.meego.com/live/MeeGo:/1.2:/non-oss/MeeGo_1.2/ --alias "MeeGo_non-oss"
obslight addRepoInChRoot --projectLocalName MeeGo_1.2_oss --fromProject $ProjectName
Bugs are centralized on MeeGo's bugzilla.