Go to
www.easybuy.com and buy the Magic Swap discs $20. They allow the booting of cdr (very easily) and DVD-R (no TOC swap needed) with a single swap. It kicks butt.
Keep your old Gameshark if you plan on booting dvd-rips. Thats the only thing these discs will not boot. But I hear that something is on the way for that too.
And yes it works for your particular chip, that is confirmed!
Tyler!