Hello, just so you know i'm new here, and im an idiot with this sort of thing.
I recently backed up my copy of Burnout Legends and want to play it on my psp. I heard i could use UMD Emulator to run it. I tried that and it didn't work. Apparently i need to downgrade. I have Firmware 5.03, and i don't think there are any downgrader(s) for that.
So, yours is slim with 5.03 otiginal firmware, mine is phat and it was 3.50 (original) because i bought it 2 years ago, i think the process is a lil bit different but ot still uses the same tools like pandora battery and magic memory stick, check on this link for further information www.neoseeker.com/forums/23172/t1125285-pandoras-battery-magic-memory-stick-guide-works-for-slim-psps-as-well-wrotten-by-starjet/. Please be careful, because if you do it wrong, it might brick your psp, if you r not sure just ask the guy in the store if he could downgrade your psp(it's not for free of course)
i have a phat 1003 OFW 3.03 now running CFW 5.00M33-6 works great once set up plays any CSO/ISO file any PSX Eboot game can use the online radio, RSS feeds download demo's of the PlayStation website, (at present remember PSP 200X series with out of the box OFW official firmware cannot be higher than 3.95 or you could end up with an expensive toaster/doorstop. if it's lower than 3.95 i'd say no prob's with a pandora battery and a MMS i have done 1 PSP phat 3.03, one imported phat 3.71, and a PSP 2003 3.71 all with the guide of here no problems.