I got the report from a modchip user that the game works fine from the disc channel for him. Since it's a NTSC game, you may need some region hack for the system menu, which is the point where it gets complicated. And it could be that the game needs IOS Version patching and 002 fix at the same time. You could try to install the cIOS53 from cioscorp and try your luck with that instead of IOS Version patch the game.