Thanks Dutch Demon for explaining it again. I actually thought of that afterwards about trying to get the stuff onto the memory card before buying the chip, but I thought somebody might know off hand. I won't be able to get to my friends place until early next week. I was a bit worried about killing his Magic too if something went wrong.
On another note, my supplier has since emailed me saying they are going to be try modding a PStwo today and will let me know how it goes. Hopefully they would've updated the chips already. Saves me having to do it.
Oh and btw Dutch, I'm pretty savvy when it comes to Xbox modding (Noob at PS2

) and just for your interest, the Xbox mods are a complete bios replacement. I think the PS2 mods are just an add-on to the existing bios, at least the early mods were. The new ones might be a total replacement too.