Yes you are wasting your time!
Yes you can backup PS2 games but you'll need to use the swap trick and various other things to play them, ie you need the origional game etc!!
Too much to go into m8 with it.
I think there is a modchip about to come out for the NTSC versions, but as of yet nothing for the pal. Stick with the older version for backups mate until PS2 is in full swing!