>cpu : Cypress/ROSS CY7C601 I think that is indeed a SPARCv7 chip. Looks like the "sun4m implies sparcv8" rule is not entirely hard and fast.
Globally enabling kernel emulation of umul for sun4m shouldn't do any harm, so that seems like the best approach. Or, if one wanted to be really careful, the kernel does know the exact cpu model so the emulation could be enabled only for those Cypress parts. p.