Just looked it all over, seems like you have to be carefull what you select in FBMC CFG
I got it to work. I'll post the cnf:
That seems to work best: 
Code:
CNF_version = 1
Debug_Screen = 0
FastBoot = 1
ESR_Path_E1 = mass:/BOOT/ESR.ELF
ESR_Path_E2 = mc?:/BOOT/ESR.ELF
ESR_Path_E3 = mc?:/B?DATA-SYSTEM/ESR.ELF
pad_delay = 2000
LK_Auto_E1 = OSDSYS
LK_Auto_E2 = OSDSYS
LK_Auto_E3 = OSDSYS
LK_Circle_E1 = mass:/BOOT/COGSWAP.ELF
LK_Cross_E1 = mass:/BOOT/SM_DVD3.8.ELF
LK_Square_E1 = mass:/BOOT/ZL.elf
LK_Triangle_E1 = mass:/BOOT/ESR.ELF
LK_L1_E1 = mass:/BOOT/SMS.ELF
LK_L1_E2 = mc?:/BOOT/HDLOADER.ELF
LK_L1_E3 = mc?:/B?DATA-SYSTEM/HDLOADER.ELF
LK_R1_E1 = mass:/BOOT/sm2.elf
LK_R1_E2 = mc?:/BOOT/BOOT.ELF
LK_R1_E3 = mc?:/B?DATA-SYSTEM/BOOT.ELF
LK_L2_E1 = OSDSYS
LK_L2_E2 = mc?:/BOOT/SMS.ELF
LK_L2_E3 = mc?:/B?DATA-SYSTEM/SMS.ELF
LK_R2_E1 = OSDSYS
LK_R2_E2 = mc?:/BOOT/ESR.ELF
LK_R2_E3 = mc?:/B?DATA-SYSTEM/ESR.ELF
LK_L3_E1 = OSDSYS
LK_R3_E1 = OSDSYS
LK_Up_E1 = OSDSYS
LK_Down_E1 = OSDSYS
LK_Left_E1 = OSDSYS
LK_Right_E1 = OSDSYS
LK_Start_E1 = mc?:/SYS-CONF/FMCB_CFG.ELF
LK_Start_E2 = OSDSYS
LK_Start_E3 =
LK_Select_E1 = OSDSYS
hacked_OSDSYS = 1
OSDSYS_video_mode = AUTO
OSDSYS_Skip_Disc = 1
OSDSYS_Skip_Logo = 1
OSDSYS_Inner_Browser = 1
OSDSYS_selected_color = 0x10,0x80,0xE0,0x80
OSDSYS_unselected_color = 0x33,0x33,0x33,0x80
OSDSYS_scroll_menu = 1
OSDSYS_menu_x = 320
OSDSYS_menu_y = 110
OSDSYS_cursor_max_velocity = 1000
OSDSYS_cursor_acceleration = 100
OSDSYS_left_cursor = >>
OSDSYS_right_cursor = <<
OSDSYS_menu_top_delimiter = ------=/\=------
OSDSYS_menu_bottom_delimiter = ------=\/=------
OSDSYS_num_displayed_items = 7
OSDSYS_Skip_MC = 1
OSDSYS_Skip_HDD = 1
name_OSDSYS_ITEM_1 = uLaunchELF
path1_OSDSYS_ITEM_1 = mass:/BOOT/BOOT.ELF
path2_OSDSYS_ITEM_1 = mc?:/BOOT/BOOT.ELF
path3_OSDSYS_ITEM_1 = mc?:/B?DATA-SYSTEM/BOOT.ELF
name_OSDSYS_ITEM_2 = ESR
path1_OSDSYS_ITEM_2 = mass:/BOOT/ESR.ELF
path2_OSDSYS_ITEM_2 = mc?:/BOOT/ESR.ELF
path3_OSDSYS_ITEM_2 = mc?:/B?DATA-SYSTEM/ESR.ELF
name_OSDSYS_ITEM_3 = Zoneloader
path1_OSDSYS_ITEM_3 = mass:/BOOT/ZL.elf
path2_OSDSYS_ITEM_3 = mc?:/BOOT/HDLOADER.ELF
path3_OSDSYS_ITEM_3 = mc?:/B?DATA-SYSTEM/HDLOADER.ELF
name_OSDSYS_ITEM_4 = Simple Media System
path1_OSDSYS_ITEM_4 = mass:/BOOT/SMS.ELF
path2_OSDSYS_ITEM_4 = mc?:/BOOT/SMS.ELF
path3_OSDSYS_ITEM_4 = mc?:/B?DATA-SYSTEM/SMS.ELF
name_OSDSYS_ITEM_5 = Free McBoot Configurator
path1_OSDSYS_ITEM_5 = mc?:/SYS-CONF/FMCB_CFG.ELF
name_OSDSYS_ITEM_6 = Swapmagic 3.8
path1_OSDSYS_ITEM_6 = mass:/BOOT/SM_DVD3.8.ELF
name_OSDSYS_ITEM_7 = Swapmagic 2.0
path1_OSDSYS_ITEM_7 = mass:/BOOT/sm2.elf
name_OSDSYS_ITEM_8 = Cogswap
path1_OSDSYS_ITEM_8 = mass:/BOOT/COGSWAP.ELF