Well, you could upgrade to 2.71 to use Devhook, but I don't really see the point when you could upgrade to 2.71, downgrade to 1.50 then upgrade to a custom firmware, which will give you -
- Full homebrew access
- PS1 game compatibility
- Recovery mode in case you misflash an XMB or something
- Tons more great stuff
If you need help with any of that, search, and failing that, send me a PM.