I only tried using it on FF12, and the codes I chose worked fine, but I haven't tried on anything else, so from my limited experience, it does work. I'll try something on dragon quest 8 and some other games later today and report back what I find, including the CB version I use. I ran it from mass before, now I have it on my MC so that may affect it somehow. I launched CB from FMCB, selected my cheats, put my swap magic dvd in, swapped to my uLE dvd, then launched HDL from mc0:/boot. Confusing, I know, but it was the only method that got it to work so far, and once I found a method I stopped looking for others.
SCPH-39001 V7 GH-019, fliptop case, FMCB 1.8, 80GB HDD (SMS console) 16MB card running it all
SCPH-39001 V7 GH-022 FMCB 1.8, 120GB HDD (Game console) 64MB card running it all