FMCB-Install is easy, once you have a way to run Homebrew.
A modded MC and the hack works&loads fast.
You can plug it to everyones PS2, to run Homebrew [except maybe a few models],... (complains? ^^)
You can't write to the PS2s ROM, so the mc is a necessary part of FMCB.
I also suggest you FMCB + ESR.
According to a modchip, it has some advantages and disadvantages.
-Free of charge
-It has some features, you never get with a mod
-ESR need patched DVD-Discs, which isn't a biggy, as you can see when you read through e.g. freevast-forums.
-...of course Modchip have features, FMCB not have (such as forcing the V-Mode in games, but I think that all will be no biggy...)
-No PS2-CD and PSX-CD-Support.
If you choose to have a modchip, I suggest you a Matrix Infinity (because it is the only one, where I know it is compatible with your PS2-Model + it is a good chip and also works with FMCB so you could use both).
Modchip-Install takes many wires and it is hard to do.
You really need good skills and smooth moving hand.
PS2 V7/DMS3 V2 (FW:2.4b7); Seagate Baracuda 200GB
PS2 V7/CC1.0 (FW:34 hacked v2 BM:2.1.6); Maxtor DiamondMAX9 PLUS 160GB
PS2 SCPH-30004R; NoMod+NoLaser
3xSony MC 8MB
MAX/Datel 16MB with Boot-CD
Custom FMCB 1.8b+ Beta-Build, my AIO 0.5, Sony&xRhino-Linux