You need to get the 1.50 update file and put it in the same folder as the 1.50 kernel addon.
(you also need to rename it from eboot.pbp to 150.pbp BEFORE putting it in the folder)
Yes you can go to a lower firmware (such as 3.52 M33) by first using the universal downgrader (find it on httl://dl.qj.net to get to 1.50 then running the update that you want.
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