In addition I have tried hijacking the init script like this, but end up in an endless reboot before the HDMI or serial port come up. so I cannot see what the error is
root@cmp135:/sbin# ls /sbin/init
/sbin/init
root@cmp135:/sbin#
root@cmp135:/sbin# ls /sbin/myinit
/sbin/myinit
root@cmp135:/sbin#
root@cmp135:/sbin# chmod +x /sbin/myinit
root@cmp135:/sbin#
add this to /sbin/myinit
#!/bin/sh
set -e
echo "Setting up OverlayFS for root filesystem..."
mkdir -p /overlay/upper
mkdir -p /overlay/work
mkdir -p /newroot
mkdir -p /lower
mount -o ro /dev/mmcblk0p5 /lower
mount -t tmpfs tmpfs /overlay
mkdir -p /overlay/upper
mkdir -p /overlay/work
mount -t overlay overlay -o lowerdir=/lower,upperdir=/overlay/upper,workdir=/overlay/work /newroot
mount --move /proc /newroot/proc
mount --move /sys /newroot/sys
mount --move /dev /newroot/dev
/sbin/init
root@cmp135:/sbin# cat /boot/extlinux/extlinux.conf
label stm32mp135f-coremp135-buildroot
kernel /boot/zImage
devicetree /boot/stm32mp135f-coremp135.dtb
append root=/dev/mmcblk0p5 rw panic=5 quiet=false rootwait init=/sbin/myinit
root@cmp135:/sbin#