if you aren't gonna use the UMD drive then yes. But typically if it has a broken UMD drive there are other problems. I would suggest just chipping int he extra $45 to buy a new psp 3000. amazon is selling them for about 130, and for psp go its now 150.
@alanjohn, can't you just use a CFW and play isos off your memory stick??? or have I been playing fake games?