Alright. Here are some thoughts, stealing Brian's formatting
[1] Color me retarded but that's not a router you have but a DSL Modem. Westell 2100 is the model I believe repackaged for Verizon.
[2] If your going from the Westell directly into your computers network card you are
not firewalled unless you have a software firewall (Kerio, Zone Alarm). If you do have a software firewall you should just be able to set your BT application to "trusted" and it will not interfere in anyway.
[3] Where/how does bt.etree.org say your firewalled?
The client BT application can have different meanings for the yellow/green/blue/red lights, it could mean that there are no seeds, that your firewalled, or just that no one has asked for any files from you yet, etc.
Speeds are dependant on a number of things, safe bet for you (since I'm a verizon DSL guy too I'll chime in here) is that it'll prolly take all night if not a day and a half to get an "unpopular" or old BitTorrent, but most of the "popular" BitTorrents will come down the pipe in about 2.5 hours.
Hope that helps some,
Nick