You can use both a Slim or a Phat to play TV shows.
Besides, I don't think I understood you properly about getting a "new" PSP slim for playing TV shows or emulation. Do you already own a PSP unit and want to buy another one?
Also, about modding to play avi/divx; you can't really play long avi/divx movies on a PSP. One homebrew application that can do it (though in small chunks of 40mb) is PSPTube. You will have to split your movie files into small chunks for it to work. One way I found to enjoy movies is by using PimpStreamer to stream movies from my PC to the PSP without reencoding or transferring to memory stick.
Reverting back to an official firmware is easy by using Dark_Alex's universal unbricker.
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