1st, upgrade to 2.80, downgrade using the 2.80 downgrader, it will get you to 1.50
then it goes like this
1.50 -> 3.52M33 (it comes with a patch, install the patch first) -> 3.52M33-4 -> 4.01M33 (I think it'll work from there, if not update to 3.90M33 and then 4.01)-> 1.50 kernel addon for 4.01 (1.50 update goes on the root of the memstick renamed as 150.PBP)
Everything you need to know is on the readme files
Update files can be found here
http://www.psp-hacks.com/category/36
And the CFW updates on
http://www.dark-alex.org/index_psp.php
enjoy
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