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You should just internalize both
Easier said than done.As for your idea, yes. It would be possible, but wouldn't be easy to do.If you really want to keep the UMD, keep it in and use a photofast cr5400. The effort involved with creating an external UMD drive wouldn't be worth the payout imo.
It would seem easy to me. CUt the mother board up, solder is up in peices behind the mobo on the left side of the psp, Then just put both slots where the OLd ms used to be at