First, I would assume from your message that you are not even getting a login on the terminal. If that is the case, the first step would be to enable the port for login. In smit, choose Devices, TTY, Change / Show Characteristics of a TTY, and choose the port. Enable login should be set to Enable and then set the baud rate, etc. This should give you a login. I would use this to test the port and terminal.
Second, assuming that the terminal and port both are working, you will now want to assign the console to this same port. Note that the console speed settings default to 9600 baud and this would be the safest setting to choose for the console. In smit, Choose Devices, Console, Assign the Console. Choose the port and set the enable to Yes. This will assign the console to this port and the changes will take effect on the next system boot.
I hope this helps. Good Luck!
David