I have a Phat PSP with 5.50 GEN-D3, with the clock speed at default, and the ISO driver at m33, and my plugins are enabled. I get to the 2nd red screen if I have the saved data there, and I have the 3rd if I delete the data before running the game.
I made a video showing the 3 red screens on a Slim PSP (2000) in 5.50 GEN-D3. http://www.youtube.com/watch?v=WaDDkr40mdw
Not too much of an update, but if someone hasn't tried out the patches themselves, this'll help them.
btw i feel this a good time to remind you guys that sea of thieves was made by rare, who also made DKC1-3 and DK64, alongside banjo kazooie and conker's bad fur day