-R format is pretty much a given that it wil work, +R has had more failed attempts on the v7's, but it has been known to work quite well for many. Your burner should come with an app for burning, not sure which though. (I use Pioneer drives myself). Nero is one of the top products out there, and it should work ok--you might need to download an update to insure compatability with your drive though. The same goes for RecordNowMax, which (aside from Alcohol 120) seems to be one of the preferred apps for PS2 DVD.
The hacked firmwares are mostly for unlocking 2X/4X burns on media not in the current firmware's media list, or media that is sold as 1X but is capable of burning at 2X. The stock firmware will have a limited list of accepted media for 2X or 4X burning--you will need to update it anyway to a retail released firmware if your 2X/4X will not burn at a higher speed.
If it ain't broke don't try to fix it! But, hell if you can tweak that bastard just a little bit more....hehehe.