I'm not sure but i dont think that v1's like dvd-r media for games.
The lasers are crap in them apparently.
The DMS chip should do certain things. Such as how to select PSX mode etc.
Check the site
www.dms3.com for the information. Should be able to tell you ifs its a dms3 or not. I believe no other chips use the same boot thingy. Like holding down X for a certain mode.
I'm pretty sure thats it.
Please correct me if i am wrong