Actually, the solution is very simple. Obtain keylauncher 0.4. Burn only the keylauncher .elf and the system.cnf pointing to that elf on a CDR. With PS2Menu, copy KL.DAT into mc0:/BADATA-SYSTEM/. Boot the keylauncher disc, and it will load the configuration from the memorycard. Then you'll have exactly the same results as using the exploit. (Also, might be a good idea to throw PS2MENU.ELF, and the latest ps2link on the CDR as well, just don't add 'em to system.cnf or anything. basically, they're there so you can use PS2MENU to copy them off the CD (if you want) or run them directly from CD with PS2MENU or keylauncher.
(BTW, keylauncher 0.4 is the first version with a built in on screen keyboard. You can press start to assign ELF files to a button. Do not use an earlier version of keylauncher, as you will not be able to edit the menu from KL itself, instead you'll have to copy a new version of KL.DAT into BADATA-SYSTEM every time you update the menu with the PC.)
If at first you don't suceed, Pull the trigger again.
See bash. See bash run. See bash run GCC. Run, GCC, Run!