I'm geting that one too, you're talking about the Photofast adapter CR-5400 right.
From what I've read I think it would be fine, the adapter uses both cards as one, if you later use them separately the data will get corrupted, so better treat them as a single card.
I don't really know how it works but is not like your info starts on one card then fills the other, it kinda uses both at the same time, at least that's what I understood from the diferent descriptions.
As for the transfer rates, it says it depends on the cards speed, being the overall transfer rate the one from the lowest speed card (better use same speed ones).
Also, I read in another forums, over at psp-hacks.com I think, that someone had one of the adapters but the older version that had two SD slots (CR-3100 or something like that), he said the transfer rates where better than all of his previous set ups. (I know two SD cards would never fit on a PSP, they were put on the back of the UMD door conected with a flat cable to the MS slot)
I think it will be fine, at least I hope mine will, my 4Gb is kind of dieing too, not as bad as yours but a little
Edit: more info and a picture showing the weirdness of the CR-3100 adapter here
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