What's even better... put HD Loader on the HDD and use Keylauncher only to boot it from the HDD.... that way you only have KeyLauncher on the MC... and can have several diffent apps on the HDD to run.... saves a crapload on space....
I have EXEcFTP, HD Loader, FAP Link, MC Manager, and half a dozen EMUs on my HDD and all launch from KeyLauncher.... I also have a MC with Launch Elf on it that I use for somethings as well....
PS3 Slim 320GB
PS2 v11 exploit w/300GB Maxtor
PS2 v10 exploit w/80GB Samsung - Network Games
PS2 v10 exploit w/60GB Samsung - Network Games
PSP 1001 3.52M33 w/10GB total storage
NDS DSReal 4GB