1) Using Monster_Hunter_Freedom_EUR_PSP-pSyPSP simply apply the PPF Patch included with the applyppf.exe utility or UMDGen v3.01+
2) Now follow the instructions as normal:
Copy the X folder (including all of the files inside) contained in this release to the root of your Memory Stick, and place your patched .iSO in your ISO directory on your MS.
Now boot using UMD Emulator 0.8 (system menu), RunUMD.
NOTE: Although this is labeled a "NO UMD" release, that just means you don't need the actual MHF UMD in the drive to play the game, however, you will need a UMD in the drive to run it (any UMD game should work).