The application actually runs on a 1.5 homebrew capable machine. To use it you first extract the DATA.PSAR from the 3.0 eboot using something like PSP Brew software. You then place it in the root of the memory stick.
But, what you are suggesting won't work, you can't load the 3.00 firmware using the current devhook. The most you could possibly manage is a hybrid, like with the 2.71/2.80 hybrid going around.
Cloudy
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