It's all in the DCv8 readme. Of course it could brick your PSP if you messed it up but if you just set up the DCv8 stick and then using a Pandora Battery run it plugged into the mains too you should be fine. First make a nand dump of your PSP as it is now, and then use the Create New idstorage option. Of course you need a Pandora so you're in little real danger. And if the new IDStorage doesn't fix it you can always restore your old nand.
Just grab DCv8 from DAX's site and read through the comprehensive readme.
Just grab DCv8 from DAX's site and read through the comprehensive readme.