Yay!

Okay, now you'll want to downgrade to 1.50 first.
Do the following:

Download the following:
Download 2.71 Generic Downgrader
Inside the updateflasher\MS_ROOT\PSP\GAME folder in the downloaded archive there's an UPDATE folder. Put it in PSP\GAME.
Download the 1.50 update EBOOT.PBP from HERE, rename it to UPDATE.PBP, and put it in the UPDATE directory.
Run from the Game menu via HEN.

Follow the instructions, and 1.50 will be flashed to the system. Tell me when that's done.

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