Running Action Replay Max from a USB Hdd?

Is it possible to run an app like Action Replay directly from a USB hdd? I ask because I got the USB Advance (Free Edition) running off a USB hdd.

What I did was copy the contents of the USB Advance disc to a folder (mass:/USBADVANCE/) on my USB hdd. From there I just boot my unmodded PS2 with SwapMagic 3.6 which loads LaunchELF from my USB hdd attached to the PS2. From there I can select USBAdvance from the menu and away I go.

Now I tried this procedure with my ActionReplay disc and run into a snag. Apart from there being more that one .elf file on the disc when trying each one it would automatically start loading the SwapMagic disc still inside my PS2. Once the disc spun up the screen would go green or blue and then lock up.

My guess is that Action Replay presumes it is running from a disc and therefore starts to read what it thinks is the ActionReplay disc inside my console. When it realizes it is not it craps itself. Yes?

If that is the case is it possible to give ActionReplay on my USB hdd some kind of no-cd patch or something so that it knows to read from say mass:/ACTIONREPLAY/ instead? USBAdvance seems to work so I presume it can be done.