Here is a packaging of texlive. Binaries are armel-linux from the texlive repository and seem to work ok. Ghostscript 9.07 compiled with codeblocks is also included.

The following components are packaged:
- essential programs and files
- basic Latex
- supplementary Latex packages
- recommended Latex packages
- recommended fonts

A command line with the right environment to run everything will be in the menu, and a file association of tex to run pdflatex is generated (for some reason this also shows up in the menu).

21/5/12013 update: now includes TeXworks