I'm no expert on the limitations of the PS2 motherboard but generally, fuses are used for a reason, and often are slightly overrated for their purpose. For example, if normally there is supposed to be 3mA of current through a fuse it might be rated for up to 5mA. Usually the circuit being protected by the fuse can, however, handle more current than the fuse rating. Personally, I would be wary of using a wire to short the fuse, although, if it hasn't blown up yet, it probably never will.
SCPH-39001 (V7) PS2 - DMS3 2.0
Liteon LDW-851s DVD+/-RW burner