WiFi access point on UWN200 USB WiFi adapter

My Beaglebone Black is running:
Linux beaglebone 3.8.13-bone70 #1 SMP Fri Jan 23 02:15:42 UTC 2015 armv7l GNU/Linux

I’m successfully using a UWN200 USB Wi-Fi adapter. I do all my work via WiFi.
The UWN200 uses a Ralink/MediaTek MT7601 based USB Wifi chip.

Now I’m trying to configure it to boot up in access point mode so I can connect directly to the BBB from my laptop without joining the WiFi router.

I’ve googled and searched and read many procedures. Some older, Some for different USB WiFi adapters. Some for older Linux versions. I have 2 pages of web links saved.
(including this one from Beagleboard “Debian 3.8.13-bone-68 and RALINK 7601 driver” which ends with a rather depressing:
“I fear this is a losing battle…”)

I have yet to find a coherent list of steps I can take to get access point mode running.

I would greatly appreciate any help I can get on this.