You know what, It's not used as a mapper at all. The chip sets up the stack pointer which you probably have to do for Phantasy star. I don't think you need a mapper at all because of the enormous amount of memory the Mega Drive is already able to map. However Rap tested PS and listed it as compat with the MD controller and Stack pointer "OK".
I have to do more research on this. I really need a copy of a game with that PLS153 chip.
EDIT:
UGH
SEGA did the same darn thing with GG. Bugs the hell outta me.Sorry to be the bearer of bad news but the 315-5342 (on the Mega Drive PS1 cartridge) is not a mapper chip. The mapper is internal to the MPR-16266-F (it's an MB834011, an custom chip which has MASK ROM + SEGA mapper built in a single die).
315-5342 is the PLD chip used on the Power base converter to set up the CPU stack before executing the game.
So basically, the MD one won't work for you.