I am inclined to agree with dlanor on this. The chip is causing more problems than any good it will do. Just looking at the high resolution shot of it, it's poorly constructed with legs of the main chip soldered together. My opinion of this is to remove the chip and at the very least, borrow a friend's same region PS2 to install FMCB on your memory card.
And just as dlanor says, you can use Open PS2 Loader to boot games via USB, SMB, and when a new version is released, internal HDD.
If you need help, post a question in the
forums, not my PM inbox. Thank you.