The guys at the CHDK project have a nice collection of tutorials related to reverse engineering ARM code. For example, see:

• an introduction related to recognizing ARM code functions
• disassembling with GPL tools
• debugging ARM code with QEMU
• loading a code dump into IDA

IDA Pro 5.5 is the suggested tools since OMAP3430 is armv7-a architecture that older versions may not be able to disassemble some instructions.

This is a very useful tutorials for IDA Pro: IDA Pro Book, Reversing with IDA, IDA Disassembly

Also you can use Beye

For more efficient work you can use IDA Sync server for collaborative work IDA Sync

Also you can use scripts and plugins for IDA:

• Scriptable Processor Modules
• Scriptable Plugins
• Custom Data Types and Formats
• Using Custom Viewers with Python
• Implementing command completion for IDAPython
• Extending IDC and IDAPython
• Using the command line with idascript

An ARM Decompiler is in the works too.

IDAPython: http://code.google.com/p/idapython/

IDA API docs: http://www.hex-rays.com/idapro/idapython_docs/