you're forgetting the authentication to the DSlam. I'm sure you're familiar with PPPoE and PPPoA? PPPoAtm requires the authentication to happen over RJ11 (phone), this being said the modem has to be your authentication device. To do that, NAT ( i believe, don't quote me cause they may have changed this) needs to have it's NAT enabled. The DHCP server in the modem isn't the problem, it's the NAT. However we offer a routed bridge function, I can look in to the device to see how this is done.
(note: I was just informed that you can dial PPPoE in to the 2320B then have that use the same credentials to dial PPPoA to the ATM network. I've not seen this personally, but I can check in to it.).