Just got 2, 128mb ps2 memory cards in from ebay / hong kong and they work with FMCB 1.7!
Only 1 issue to report. You have to use one of the E1 buttons when booting in order to launch an elf (set in your E1 presets). If you miss your opportunity, it will load the hacked OSD as normal. However when you try to launch any elf from the OSD menu (including the configurator) it will restart FMCB giving you a second chance to hit one of your E1 buttons. I have tested this working with SMS 2.8r6 and uLE 4.30 and the configurator.
Time to throw those 8mb's where they belong.......(to me so I can mod them with an activity led)