Updates are installed in dev_hdd0/game then under the respective game ID (this is also where game install data is placed). In the newest multiman pick the game push square and look in the top left to see if it says ver. 1.03. Also i would try installing the updates sequetially to 1.03 so install 1.01, 1.02, 1.03. you can uninstall the update on the xmb screen by going to game, game data utility and looking for the update hit triangle delete.
PS3 Slim 4.21.2 Rebug REX 4.31 Spoof (external 1TB/3TB), PS2 Fat w/ Internal HD