Ok here is my app i've tried it out with a game that dosen't require 2.0+ and there was no bricking involved. (Source code is included for the paranoid people) What it basicly does is unassigns Flash0 and Flash1. Then assigns Flash0 to "fatms0:\flash0\" and assigns Flash1 to "fatms0:\flash1\" and then runs the UMD in your UMD Drive. I would appreciate it if someone could test this and give me feedback on it... Also you will need to put a 2.00+ Firmware on to your Memory Stick in folders "flash0" and "flash1". You can do this by useing FakeUpdater.
Download UMDLoader Version 1.0 Beta
Download 2.50 Eboot.pbp for FakeUpdate