When I tried to control my Olympus C-3040Z via a serial line, libgphoto still tried to use USB, independent of the port settings.
If I insert into camlibs/sierra/sierra.c the following line:
{"Olympus", "C-3040Z", SIERRA_MODEL_CAM_DESC, 0x07b4, 0x100, 0,
&oly3040_cam_desc},
instead of
{"Olympus", "C-3040Z", SIERRA_MODEL_CAM_DESC, 0x07b4, 0x105,
SIERRA_WRAP_USB_OLYMPUS, &oly3040_cam_desc},
it works, because the wrap_usb hack is not used anymore. I suppose this breaks USB support, but cannot verify, as the computer I use doesn't have USB.