I tested it by loading it off my usb drive from uLaunchElf v4.08, and I'm pretty sure it hung, unless I'm really impatient. Next I launched it from my memory card, and it failed to load load gui string table.
Next I tried with all the files from the myps2 1.2 archive, with your elf replacing the old one, and ran that from a subfolder on my usb drive from uLaunchElf, worked fine from there. I played around with it, everything seemed to work fine. The default DNS server IP failed to resolve hostnames when I went into the radio, but after changing to OpenDNS's server IP, all was well.(Might I suggest that you change that?)
The radio crashed on me after a few playback tests, but I don't know if this was a bug you introduced, or if it was always there.
Gaming Console: v7 PS2 Independence Exploit + 200gb Segate HDD
Development Console: v7 PS2 DMS4 Pro + EE_SIO Cable + 6gb HDD