Well you don't need the program to make it work. All you need is PBP Unpacker. Just take the PBP you want to run, extract all files (PARAM.SFO, DATA.PSP, ICON0.PNG, etc...).
Make a new PBP with only the PARAM.SFO and the ICON0.PNG (and if you want, any other images or sounds that might have come out). Say we are using RIN, save it into the RIN% folder.
Then take your DATA.PSP that came out and put it in the RIN folder on PSP. After that rename it to EBOOT.PBP. There you have it, you don't need that program to make bootable homebrew for a 1.50 PSP. Personally I like to do it by hand because it just looks better on PSP because it has its original ICON0.PNG and other PNG images.