The images you are replacing you will not see; the program will replace them for you once you run it from the PSP. Make sure you understand how to run eboot's on the PSP before you give it a try... the zip file you downloaded is in the swap xploit format (for 1.50 PSP's), and the second memory card it is referring to is the MS2 folder you downloaded.
The readme.txt file explains where to put the new .bmp files (in the root dir of the second card).
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