Unless you have a pandora's battery and a magic memstick. I did that last night... Installed 3.52 M33 over 3.80 which I thought was supposed to work fine. Installation looked fine, but then I pressed X to shutdown my PSP, and waited, then turned it back on... Green light, no screen image, 10 seconds goes by, green light goes off. Yep, so I bricked my PSP by installing a lower M33 CFW. Isn't this supposed to work? I thought M33 and OE FWs were supposed to be fine if you did that. Well anyways, luckily I was able to use my sis's PSP that I downgraded and installed CFW on when she got it, to make my batt and memstick a pandora's batt and revive my PSP.
So yea... Don't try doing that I guess...