I really have no words to thank you for all the time and efforts you are putting on this issue. It has become a challenge...
In the meanwhile, I tried:
a) soft reset. No way, same issue (yellow triangle in airport utility)
b) hard reset. Restored previous settings. Same issue.
c) unplug. Wait. Re-plug. Now I was able to access. Changed lease to 30 days. Same problem. After some time (usually within minutes), airport utility is not able to access the TC (yellow triangle).
So, soon after a reboot of the TC it is visible through airport utility, but within minutes, the connection is lost (yellow triangle).
Got your message.
1) on iMac, 192.168.1.254 as DNS, as first. Removed 8.8.8.8 and .4

Then tried to access TC, but I can't see the option to access the base station through ethernet. I tried option and other keys, but no way.

Then, I tried to access through the fixed IP, using "configure others". This time it worked.
Changed the DNS, only 192.168.1.254 is present in TC:

Changed name. Now is TCDZ. Both from airport utility and on the ADSL modem (do I need to change somewhere else?)


Indirizzo fisico = MAC address
Assegnazione indirizzo IP: DHPC
Utilizzare... si = use always the same IP address / yes
infinita = forever
Now I see TCDZ in the side bar of finder windows, under sharing. Anyway, if I try to connect, I get "connection failed".

If I manually connect in finder, from "Go" and "Connect to server", using afp://192.168.1.150, the AirPort Disk is finally mounted on the desktop. Inside, I can see the .sparsebundle disk image.
Back in Time Machine control panel, I had to choose AirPort Disk on 192.168.1.150. The backup started, recognizing the previous .sparsebundle backup.
Will it stick? I'll let you know.
I have few questions:
a) From now on, when I want to backup, I have to manually mount the AirPort Disk on the desktop through this procedure? Or time machine will do it automatically, when it needs it?
b) should I stick with firmware 7.7.7?
c) I don't need to bother about airport utility not showing the TC (yellow warning triangle, "Device not found")? And in case I need access, I will need to do it from File... and Configure others... ?