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