It does. Best shot is converting it again or converting your own to fix id to scus94something, it's written up there in my link, for a 3.71 m33 version, and match disc id's. The whole process is important because sometimes the actual game id isn't changed and it still show original id, instead of forced one. It freezes on entering status screen, but the only real point of going to status screen is to look under girl's skirts and observe their panties so I suppose we can survive not being able to do that to at least some level.
Alternatively, for disc change, you can use cwcheat memory card manager option to transfer save file from psp to PC, play through disc change on ePSXe, store and return it to mem card, load it with mem manager and proceed with play. Kills the game a bit, but boo hoo.