It look all right, but it depends on the exploit. Once uploaded the exploit remains in your memorycard (unless u delete it). And u wont need real swapmagic discs if u only play backups from your region.
U still need to have a the real ps1 disc u use to trigger the exploit.
Example: Say u get cd-loader or cogswaploader to boot from a exploit, u still need to swap a little like so:
boot exploit (insert ps1 game)
once cd-loader/cogswap has booted press eject (tray opens)
insert a real ps2-dvd if u want to boot a dvd-backup or insert real ps2-cd if u want to boot a cd-backup
press eject (tray closes)
swap in your backup and press X
Backup boot (I hope)
PSP 1.52 (DG), DS 001, XBOX v1.6B+Cheapmod+120GBHD, SM33, 50004+HDA10+120GBHD, SM32, BP11, 3900X, XBOX v1.6+Softmod, P4_2.666, GBASP, GBA,Celeron_700, DC, PS1, P2_300, TI85, Saturn, GBC, GBP, Megadrive, P75, Amiga 500, MS, 486SX25, Amstrad CPC464, ZX81