Hi Bin thanks for the response,
I have been able to test the USB port within Linux (without modification to the ID pin), it is detecting the port and acting as master, it can successfully mount and read/write to a USB drive.
Please see the below schematic, note that R253 has been removed to allow the ID pin to float, thus forcing USB0 as peripheral. USB0_VBUS is the same line going down from the previous schematic, there is no cap on the VBUS line, as per the Beaglebone Black schematic.
Brendan