Lest I forget what I did: 2013

Install the default adt bundle from Google
It includes the default Google adb drivers
Device manager recognizes the P300 as an Android device but does not update the driver
Either edit the default Google usb driver or download it and edit it.
To recognize the Funbook, the PID:VID combination needs to be added to the android_winusb.inf file. An example configuration:

%SingleAdbInterface% = USB_Install, USB\VID_18D1&PID_4E11
%CompositeAdbInterface% = USB_Install, USB\VID_18D1&PID_4E12&MI_01

%SingleAdbInterface% = USB_Install, USB\VID_18D1&PID_0003
%CompositeAdbInterface% = USB_Install, USB\VID_18D1&PID_0003&MI_01

Notice the VID:PID changed to 18d1 and 0003. This will enable WIN8 to install the driver.
Now the USB driver for the Funbook P300 is recognised, but Win8 will not install it as it is not signed. So Windows 8 driver signing has to be disabled as given here

Once this is done Win8 will install the driver
Android application development IDE will now recognize and install the application on the device.
This method should work for any of the lesser known Android tabs having a PID of 18D1.

Unzip the file.
Contents are these file install_recovery.sh, reboot-recovery.sh & recovery.img
Install recovery file, copies the rescue.img to the rescue partition nandg

If one is stuck in this mode, where it refuses to get out of recovery mode because of this tag, one can just write a sequence of zeroes on the nandf partition and clear it and the machine will reboot normally.

Tried CM9 ie Icecream Sandwich ROM from Cyanogennmod site cm9_nightly_20120903.zip
Need to install some compatibility modules, else touchscreen etc does not work.
Development for CM9 did not seem very active.
So tried the CM10.

Follow steps from this site: http://www.slatedroid.com/topic/39064-building-cm10-for-a10-devices/.

Download the CM10 sources from the cyanogenmod git.
Make changes to CM10 sources to the point to Shaun2029's repository and save the file in the local_manifest directory.
Extract the prebuilts from the Funbook and store for later use.
run these following commands to create a ROM from CM10 directory

One has to enable the Assume Hacked memory A10 config option
One has to disable DEBUG_INFO else the modules will grow too big to fit into the system partition

The ROM is created in the out directory.
Reboot into recovery and then install the zip from the SDcard via CWM.
JellyBean needs a bigger system directory. Earlier install of CM9 had shrunk the default Micromax funbook /system directory from 500MB to some 265 MB.
One also needs to install google apps(gapps) for the official supported apps like talk, playstore ,etc. This is installed via CWM in recovery mode.
But because of the "almost full" nature of the system partition, even though CWM reported successful writing, there was not enough space to write the gapps. And google playstore would crash frequently.
Solution is to create a bigger system partition. But this Flash file partitioning is done by the image through Livesuite.

Idea was to get a default Momo9 image. The Funbook is a Momo9 clone from Ployer.
Tried various 97F1 based ROMs. But all of them had very little space for the /system.
This site talks about various options http://tabletrepublic.com/forum/iview-760tpc-ployer-momo9/iview-760tpc-k-ployer-momo9-firmware-rom-releases-1610.html. But Iview seems to have changed their webpage layout, so some of the links do not work.
Finally an IVIEW 760TPC image from here http://www.iviewus.com/newsRead.php?id=87&catId=257 gave a 760TPC.rar which when installed via CWM gave a /system of about 300MB.
Flashing the Gapps, even inspite of lack of "some" space, applications like playstore are working.

Lest I forget what I did