Hello,
While some people have been able to configure multiple loopback addresses on OpenWRT (refer here), it is not really the intended usage in this case.
LAN IP of the RUT955 could also be used to reach the Modbus Gateway, so if your LAN network is trusted, you could simply use the gateway address (192.168.1.1 by default) to reach the Modbus Serial Gateway. For example if IPsec is used (technically not a VPN, but the traffic is encrypted), you could allow the access to LAN, and simply direct the traffic to the gateway.
Or perhaps there is something I missed here?
Best regards,
DaumantasG