i definetly see what your proposing here and definetly would need some work to be done.. First step is finding out what chip is used on the usb memory card reader, because im pretty sure that it is a "hub" of some sorts... to say. if the chip thats in there is a programmable one, it would be one for the community because that has a Sony ID on it, just like the jig, but i dont think it would be easy for sony to patch it because they rely on the memory card reader/usb as a way of updating their console.
Someone please get some pictures of that card reader posted up. But then again you would need to get some hefty hardware (if flashable) to see what the schematic is for PCB and chip.
Triplex was it you that said that you had access to this hardware from work/school/university?