I don't have that specific game, but I would try hermesv3 with a newer bm. If you are using orig BM than going to 1.16 will be easy for you as the paths are all the same (LAUN12345/GAMEZ IIRC).
I relocated mine to hdd0/GAMES and use deanrr version personally, as other BM have the game folder inside the BM install path so if you delete those BMs without relocating games folder it deletes you backups, so be careful about that going forward. I know that combination has improved compatibility on alot of games for ppl.
If you are unsure on how to do either of these, (upgrade .hex or choose new BM), There are quite a few threads that have all the info you should need. I hope this helps you out.
Yep ... I do! And it works flawlessly. I had the same problem. I thought there was something wrong with my setup as others reported their Bioshock 2 works. So I tried again. It seemed like it was haning at the loading screen. But I had my laptop and read through some threads, went out to have a smoke, fetched a beer, phoned a friend and got myself eventually back on the couch. I little while later it was done!
It seems with both Bioshock and Bioshock 2, you need patience. It does take a long time to load! Don't know what your setup is. I use iPod v5 with rockbox, Hermes V3 and farenheits BM PS3-LAUN12345-OPENMANAGER-TYPE-S.pkg