u could go wiv a cheaper chip (like the magic kX) and it would do what you want
however in the future you may want to do more, and find your chip will not do it
depends how much u like to fiddle
imho booting apps is an important part of it, i cant believe my ps2 wasnt chipped b4
The hdd loader is sooo much better (but u have a v12 - so u cant use hdloader)
so really its up to you, and who is going to install it ?
these guys make it look easy, but i tell you it is definetly not, the pins are so small, and you need an iron with a small tip to even have a hope at success
And how much skill do you have at soldering ??