No, no, no.
VSHMAIN.PRX is Sony's master PRX. Without it, you would have a brick, full stop. The file initiates the loading other PRX's that ultimately compose the GUI of the XMB. Those, in turn, load and execute other modules which add support for XMB features. The custom PRX is not even involved with the GUI, it only initiates at startup, load what it needs to, and then it loads the Real PRX.
Besides, adding support for Media players and the like is not currently possible.
First of all, we would need to port WMP, and we don't have the source code. Second, we cannot add new icons, options or visible features into the XMB, because key flash files are coded to read only the menu objects that are currently included into the firmware. Both editing the XMB, and editing the files that load the XMB require decrytion, modification, and re-encryption.
We cannot, and probably never will really be able to encrypt any files that the PSP will be able to recognise. This is the same reason we cannot run homebrew from the XMB in firmwares above 1.50.
^^I hope the above information is correct, maybe i'll be proven wrong lol. The same thing happened to Freeplay, but I expect that he was happy to be proven wrong

^^