I use (and love) OLL for NDS and GBA, but I don't use it as an indexer for PSP games.
What do I do? Manual Edits.
1a: If I download a CSO, I convert it to ISO.
1b: If I download a zipped/rar'ed ISO, I uncompress it.
1c: If I download a straight-up ISO, I do nothing.
2: I check the CRC of the ISO against the one found on Advanscene.net.
3: If the CRC's match, I rename the ISO manually to something like "#### - File (US).ISO"
4: If the CRC's don't match...
4.1: I compare the ISO size to the one listed at Advanscene.net. A 30MB difference usually means the update folder was stripped. Anything greater means the ISO was ripped.
4.2: I also open the ISO (using PowerArchive) and check to see if the update folder was removed or the update and/or movie files were replaced by 0 byte files.
4.3: I check some of the ISO's files to see if I have a US, EU, or JP game.
4.4: Assuming the update was the only thing stripped, I rename the ISO manually to "File (US).ISO"
5. I compress the ISO back to CSO format using minimum compression.
NOTE: The difference between min and max compression is minimal. At most, it's 15MB, but I've seen it as low as 2MB. The performance hit you take when playing CSO's at max compression, however, is sometimes noticable. Thus, I only run at min compression.
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Yes, this is more labor intensive than using OLL, but it also gives me more quality control over my collection. I've caught a few ISO's that had movies stripped out of 'em.
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Now... There are three reasons why I don't zip, rar, or 7z all the CSOs/ISOs.
1. CSO's are basically deflated (zipped) ISO's already.
2. I'd have to uncompress them before sending them to a memory stick.
3. I use the USB ISO loader and the Wifi ISO loader. These work with CSOs, but not rars, zips, or 7z's.