I'm afraid that in order to run a custom firmware installer, you need a PSP with either 1.50 firmware or another SE/OE custom firmware.
As of yet, there's no way to get a 3.40 PSP to 1.5 short of splashing out on and managing to install a modchip or trading with a friend/returning and buying another one in the hope that it has 3.03 firmware as most (Highest downgradable firmware).
Soo unfortunately you're homebrewless for now. There may never be a 3.40 downgrader, however it's even less likely that you'll be able to downgrade your PSP if you update any further. It's your choice what you want to do about the situation, I hope I've been of some help.![]()
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