Yes, you should install customfirmware on your PSP. Homebrew is amazing and unlocks the potential of the PSP.
Any type of hack or homebrew does void the warranty. However, you don't have to worry about bricking your PSP since Pandora's Battery is an unbricker. Pandora's Battery is free, you just need to install it on a battery (from a phat PSP) using a homebrew compatible PSP. You can buy battery packs that already have it installed.
If you are cautious about hacking your PSP, you should learn more about it to have a better understanding of what you are doing. If you know somebody who is into PSP hacking, that would also help a lot.
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