2.01-2.60 Downgrade Guide
You will need an unpatched version of Grand Theft Auto: Liberty City Stories for PSP - Rated 18+.
If your PSP came with firmware version 2.60 pre-installed, this will probably not work, as it hasn't been fully tested. But it will not work if you have a TA-092 chip in your PSP. To check for this, open your UMD drive and look at your psp fom the UMD side. If there is text on the top-right hand side, it will not work with the downgrader.
First of all, you need to be running the 2.50 or 2.60 version of the PSP firmware - Get the 2.50 update
here. If you are running 2.01, get that, and put EBOOT.PBP inside X:/PSP/GAME/UPDATE (Where X is your PSP drive letter). Then run it.
You MUST have at least 60MB free before installing this, as the downgrader makes about 20MB of files on your Memory Stick.
Then, you need the 1.50 firmware dump. Either dump it from your own PSP using
this PSP program (you need the 1.50 update - get it
here) or aquire it through non-legal means. If you do so, put the DOWNDATER folder in the root of your Memory Stick, which is X:/ (where X is your PSP drive letter). Anyway, it should be 13.4MB. Once you have it, there are several other little programs you need too.
Get the actual downgrader from PSP3D for 2.50 firmware
here, or the 2.60 version
here. Put the EBOOT.PBP in X:/PSP/GAME/DOWNDATERTEST (where X is your PSP drive letter). The password for both of these is I_USE_AT_MY_OWN_RISKS.
Install the eLoader, you can get the auto-installer from Fanjita's website
here pr the zip file
here. Install it, and run GTA.
Open the savegame called eLoader 0.97 Bock, and run the downgrader. The orange memory stick light will blink for a few minutes, then it will reboot. An error mesage will appear, in different languages, saying setting information is corrupted. Press O to fix it. Your PSP will reboot, and you will have to run the setup like when you first bought your PSP. When you finish, there will be another error saying Disc Could not Be Read. Take out your battery pack, and leave it out for several minutes. Put it in, and UMDs should work again. You will be running version 1.50.
This is a video of the enire downgrading process - Thanks Birdman1!
EDIT: Birdman1 has also released
this video, also of the downgrade process. It is rather better than the old one, but I thought I'd keep the original one anyway.
Comments, please - if you thought this guide was utter rubbish, please say so. If I missed a huge part, please say so.