good questions heres the anwsers first you do not want to update if you buy a psp make sure it is 2.71 or below so that you can downgrade to a 1.5(from there you can run all of the fastest homebrew and the features of a 2.71 firmware with devhook)
secound yes
the homebrew gba emulator is full speed
third
if the homebrew emu doesnt work out you can just use $onys when it gets devhooked
fourth
once you have a 1.5 you can just pop them in the games folder on you memory stick (especially if you have custom firmware(easy install and free))
fifth I like need for speed there is a great gta coming out.Tekken dark resurection is good.n64 games are good(homebrew)
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