there IS a read-me in the zip... it doesn't go into great detail for server setup however.
http://download.beyondunreal.com/fileworks.php/wod/UT2k4/WoRM2k4_v2_51.zip
WoRM2k4 does NOT have any commandline options at this time, and all set-up is done either in the mod-menu or by editing the KangMods.ini file that it creates in your UT2004\system folder.
For ServerPackages, you will need to include WoRM2k4 as well as the package names for any mods you are using weapons, vehicles and so forth from.
if you have any further questions, please ask and I'll do my best to answer.