OK. Just a quick update.
I've just been playing the last 10-15 mins and can confirm it worked. I didn't follow the steps outlined by bearl above but it definitely worked for me.
Heres what I did :
1. CFW PS3 - Install 1.02 update package
2. CFW PS3 - Copy the GlobalSettings.xml to the game update folder (see bearls original post for exact path)
3. Initiate a Data Transfer from CFW -> OFW PS3
4. OFW PS3 - Launch MP3 and let it install game data.
5. Thats it - you should be good to go !!!
I'm currently performing a Data Transfer back from my OFW -> CFW as I want to check if the game install changed the GlobalSettings.xml file in any way.
Also, I was trying to go for one of the trophies - perform 10 kills in a row with bullet time but couldn't get it to pop. Now I don't think its anything to do with the hack, at least I hope not. Regardless, that can be gotten legit if it is the case
That's all for now.
[EDIT]
I can confirm the the GlobalSettings.xml file is not modified by the installing the game data.
I compared the file transferred from my OFW PS3 (after installing MP3) to the GlobalSettings file modified by bearl and both are exactly the same. So following the steps outlined above should work.