The steady blinking Wireless LED is normal on the VersaLink. As Wireless is enabled by default, your iBook should be able to detect the VersaLink's SSID, which is the same as the serial number that you'll find on the bottom of the Gateway and in its setting Status/About.
To get access to the administrative settings on the VersaLink you first need to get your secret password from Verizon. They should have done this for you already over the phone, as the self-install CD they provide does not work correctly on a Mac (big surprise) and they do not include your individual password in the space allotted to it in the instructions included with the Gateway.
In Safari's Address Bar enter 192.168.1.1 From Maintenance, select Administrative. User name is Admin, Password is password. After entering that the page settings will go blank again, you then enter your desired user name and the password from Verizon. (You can change your password again in the same manner.) If for some reason you do not have an active DSL connection you might have to go to Home/profile editor to create one. Anyway, once you have entered your Verizon password you should then have access to Configuration, select Wireless/Basic and everything you need to configure for starters will be there, such as SSID, 4x Support, Encryption. You might also wanna take a look at the Configuration for Firewall, while you're at it.
BTW, which model of Westell do you have, the A (made in China) or B (assembled in USA?) Don't know which one is more buggy...
Hope you are able to get everything up and running.