It doesn´t work with the Sony/BlackRhino-SDK and probably also won´t do it with KernelLoader, I assume.
There is an interesting project ongoing, which includes some goals:
-make linux compatible to allmost all PS2-Versions/Models,
-make linux useable for many people,
-make it easy to install and a few Pre-Configs maybe?
-try to load it from different devices, such as HD, USB, or HOST/LAN
Search for posts from "deba5er" here and on ps2dev, if you´re interested in contributing.
...or wait and see what happens.
The project mainly focuses on getting it properly running for all console-versions from USB (as of yet).
So,... If you have a storrage-device like a USB-Stick, you could use it for that.
PS2 V7/DMS3 V2 (FW:2.4b7); Seagate Baracuda 200GB
PS2 V7/CC1.0 (FW:34 hacked v2 BM:2.1.6); Maxtor DiamondMAX9 PLUS 160GB
PS2 SCPH-30004R; NoMod+NoLaser
3xSony MC 8MB
MAX/Datel 16MB with Boot-CD
Custom FMCB 1.8b+ Beta-Build, my AIO 0.5, Sony&xRhino-Linux