I have an E3 Card Reader, and I personally have tried this many times, even using the PSPJig and the TI-84+ tool by Brandon Wilson. The PS3 doesn't even turn on the blue light, next to the red/green one, and apparently doesn't even get to read the USB very much, just like 0.5 second before going off.
So I basically gave up for now until I receive the other CECHE01 I ordered.
Anyway, thanks for the information about FSM.
SeeYa!