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Yes it is compatible with that model...
Yes, you can still use the card for saves, depending on the install you use, results in free space.
Oh, I've been checking the website and it said:
Which basically means I can't boot the disk using the PS1 disc exploit?
Booting a burned disc
Sony designed the console so it would not boot a burned disc as a preventive measure against piracy. But there are methods to use that will allow a burned disc to run on the console.
SwapMagic retail discs
A Memory Card Exploit thats has Cogswap
Cheat discs such as AR Max or CodeBreaker
A friend with any of the above
And, I've downloaded the noobie package, it has an INSTALL folder and FREE_MCBOOT.ELF, how should I burn them?
Thanks, and sorry for all the questions.
Originally Posted by EmPtYsOuL
You don't burn the noobie package you put it on the root of a USB thumb drive.
But besides that you still need to run an exploit, to launch ULE (Ulaunch), and from there run the FMCB installer.
The steps are in the Tutorials, found the link in my signature.