Found an old PSP 3000(?). Need help and analysis if OK for PS1 emulator. PAGING EXPERTS

[clowve]

Thanks for the speedy reply Zorlon! That's good to know most of it's stats get the green light!

More questions:

1. I just looked up PSone Classics and noticed that there are regions. The PSP doesn't have any region locks, does it? (I've been actively using a 3ds, so I'm not sure on Sony products)
2. If I choose not to update it, I'm only bound to a specific list of games am I correct? Do I have to look for old files of say Game A? Or will any version of Game A be compatible? (i.e App X works for iOS 1.1. But will also work for later versions of it like iOS 1.2, 1.3, 1.4. Does the Sony programmes follow this logic? Or is it App X will only work on iOS 1.1 and no other?) Sorry if this analogy is shod. :/ Mostly I'm afraid of changing anything in the current system.
3. Ideally, I'd like to opt for the ISO playable emulator. Any tips on how I can go about this?