selecting either Integrated Graphics or NVIDIA Optimus will result in no output on the VGA port.
That probably explains why it won't work. NVIDIA is very unfriendly to OS/2. My L530 only has an Intel video adapter. If there is an option to disable the NVIDIA device, it may work.
Lastly: I tried replacing the WiFi card in the machine with an Intel WiFi Link 5100 because of some posting someone else had about that card possibly working. The laptop will not boot with that card in place; it complains about an unauthorized WiFi card.
My L530 has an Intel Centrino wireless - N 2200 in it (8086:0891). I can get GENMAC to load, and it works exactly like a wired NIC with no cable plugged in (I think it is the same driver that Pete uses with the 5100). I (and others) have not found any way to turn on the radio. It appears that windows has a separate driver to do that, and OS/2 has no equivalent. If that is the case (and I would bet that it is), it doesn't matter what card you put into it, you still won't be able to turn on the radio.
FWIW, if I run Linux (which works), and reboot to OS/2, it leaves the radio indicator on, but the radio still won't work. From what I have been able to learn from the Linux guys, the radio, and the indicator, are separate, and it takes some manipulation with ACPI to get the radio turned on/off.
My solution was to get a D-LINK DIR-506L. which connects to the wired NIC, and communicates using WiFi (this was a few years ago, and I don't know if you can still get that one, but there are others that are similar). One advantage is, that it will still be useful, after they get the new Multimac WiFi driver to work. I do know that they are working on the WiFi drivers, but I have no idea what the time line is.