This should actually be quite simple to do*. All you need to do is drop the "console=...." part from the kernel command line and disable psplash**.
Update your pandora to HF4 level (u-boot update). Plug it into a linux PC as an USB device.
Boot it to the boot menu (have some SD card in slot 1 (there's a bug in the menu)), select USB serial console.
Pandora's u-boot commandline should now be available on your PC as something like /dev/ttyUSB0 (or the like). Open that with something like minicom.
Say "printenv"
It should print lots of stuff, including "bootargs=<text>". Remove the part with console= from that text and add " psplash=false" (without quotes), then say
setenv bootargs <yournewtext>
saveenv
Then you can close the minicom and reset your pandora (pandora+power). Happy textual booting
* Disclaimer: I havent actually tested this on a real pandora. YMMV.
** This is the part that I have never tested. Dropped console= from my SD boot bootargs a long time ago.