Yes you would need the save file. Where to find it? I don't think powersaves-formatted save files exist on the internet for PSMD. However, there is this tool written by Myriachan to convert the save exploits into the powersaves format. It works with Oot3D, but it might not work with PSMD. Although, someone with a powersaves and an exploited PSMD cartridge might be able to extract the save and give it to you. Not 100% sure on that though.