Oh yes. ^_^ It'd actually be incredibly easy to do. In fact, you wouldn't even need to redirect anything, use any other servers, or even connect via your PSP.
You could just download an old update file and put it on your memory card. But.. wait. O_o That doesn't work.
When you connect and Network Update, it follows the same rules as a downloaded update. In fact, that's all a network update is. They download the file to your memory card and then you run the software.
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