This is my method to play MGO1 in a CFW PS3. All the method I could find need to use a physical copy of either a game cheat disc like a game shark or code breaker or a original copy of the swap magic version 3.6 or 3.8, but to find a cheap copy of those disc is very hard now, So there should be FREE way to do it , it is a CFW after all. And I will show how, I will share All the necessary files and programs.

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The basics
Most of PS3 owners will have a ps3 slim or a non BC ps3 Phat. I´m sorry there is no way to play a ps2 game online in those console the problem is that you need to convert the game to ps2 classic or use the ps2 place holder method. Those methods DO NOT EMULATE THE NETWORK ADAPTER. You will need a BC model. This method is to replace the need to buy a cheat disc only and to made things worse my ps3 can no longer read disc!
1) Everything is possible with CFW.
So I was thinking wait a minute if a can play PS2 Isos with my BC ps3 why nobody use an image of a cheat disc to run mgo?
In a Cobra CFW you can mount PS2 ISO, You just need to put The iso in the folder dev_hdd0:PS2ISO and use multiman or Irisman to mount the image, this is not tutorial on how to run PS2 ISO in your CFW BC PS3. Fist learn how to run ps2 iso.
2) Let´s find a Swap magic image
First I searched in the internet for an image of the Swap magic disc, and I think who would upload an image of a disc whose purpose is to run homebrew when you would need homebrew or modchip to run an image of a disc that is used to run images of other disc, that would defy the purpose and is redundant, But ohhhh it was easy, there the first link in google, Someone did it. Swap magic 3.6, Perfect!
Let´s find if the PS3 can run it! Yes it can.
3)Set everything first
You will need a ps2 network config file in the memory card, in this case in the Virtual ps2 memory Card that the ps3 create, so let´s create one using the XMB Memory Card Utility and assign a slot. Now You need to create the Network file configuration, You can do it with the original MGO disc with the option 'edit your network configuration file' in network setting or with the disc that it comes with the network adapter, the steps are the same as the general tutorial 'network setup' section(viewtopic.php?f=9&t=10) after saving the file, press the PS home button and quit the game
3) Run Homebrew with swap magic
The swap magic disc can run elfs from usb and it is used to install free mcboot mostly. And you can run everything that runs in ps2. So let´s run the Open PS2 Loader. To run Homebrew with swap magic you need to put the USB stick in a PC copy the OPL_PS2rd.ELF in this location usb:SWAPMAGIC and rename the elf to SMBOOT0.ELF, put the USB stick in the ps3, mount the swap magic iso with multiman or irisman, press the PS home button because the controller turn off when you run ps2 games, hold R1+UP until you see the OPL running. when you run OPL, go to setting and change USB device start mode to Auto and default menu as USB Games, select OK, go to cheat settings and turn the cheats ON, select OK. Then save changes. OPL automatically will create a folder structure in the USB.
4) set everything in the USB stick
Let OPL running in ps3, Remove the USB from PS3, Put it back in PC, you will see new folders created, you will see a folder named CHT in the root of usb, this is the folder for cheats. But it is not that simple, OPL use cheats in cht format, So you need to convert the cheats first to raw then convert the raw cheats using the windows program omniconverter to cht format and it needs to be named SLUS_212.43 I don´t remember how I did exaclty but I will provide my cheat file to make it more easy, it is for The NTSC English version and include the cheat for widescreen. Put SLUS_212.43.cht in the CHT folder.
Pro

5)Install the game in USB
First create an image of the MGO disc, or download one, Not a tutorial on how to create images or download pirate game, Download and run USBUtil v2.1 rev1.2, Close the donation message, press CRTL+J to create a game, select MGO iso in the left column and the USB assigned root letter in the right column, Name the game and select create. That will install the game in the usb. Remove the usb and put it back in the pS3.
6) Run the game and play
In the OPL still running in PS3, Press Circle to go to game list, and press select to refresh the game list, Your game will appear in the list. Press X to Run, wait a few seconds and the Konami logo will appear in screen.
Go to Online mode, Follow the step for the 'Getting online' section of the General tutorial (viewtopic.php?f=9&t=10)
Enjoy
TL;DR
You need:
-PS3 BC with a cobra CFW
-A USB memory stick
-OPL+PS2rd elf Homebrew
-image of Metal gear solid 3 persistence disc No 2.
-ISO Image of Swap magic 3.6 or 3.8
-USBUtil program for windows
-Omniconverter program for windows
All Steps by Step:
-turn on ps3
-Create a PS2 Memory card with the XMB Memory card utility, assign it slot
-Put The original MGO disc (or run backup image with multiman)
-Enter Online mode
-Select 'Play Using Detailed Settings' then 'Network settings'
-Ensure Auto Router is on
-Select 'Edit your network configuration file' and confirm
-if prompted to save settings do so
-Once in Network Settings select 'Add Setting'
-Choose the Slot of The virtual Memory Card created in the XMB to save to.
-Press Right in the D-Pad select SCE/Ethernet (Network Adapter)
-Press right select 'Not Required' for PPPoE inless you know it is.
-Select Auto for 'Set the IP address automatically'
-Select Manual for 'Set the DNS server'
-Enter 192.3.217.61 as the primary DNS and
-192.3.217.162 as the secondary DNS and
-Allow the Network connection test to run then save.
-After Saving press the PS Home button and quit the game.
-Put the USB Stick in a PC
-copy 'OPL_PS2rd.ELF' in the folder 'usb:SWAPMAGIC'
-Rename 'OPL_PS2rd.ELF' to 'SMBOOT0.ELF'
-remove USB from PC
-Put USB in PS3
-Copy 'SwapMagicDVD_v3.6.iso' to PS3 'dev_hdd0:PS2ISO' using FTP or other method.

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-mount the image with irisman or multiman (learn how to run PS2 iso)
-Start the image
-The controller goes off
-Press the PS Home button
-Hold R1+UP
-OPL will start
-Go to Settings
-set 'USB device start mode' to 'Auto'-set 'default menu' as 'USB Games'
-select 'OK'
-Enter 'cheat settings'
-turn the cheats 'ON'
-select 'OK'.
-Then Select 'save changes'
-Let OPL running in the Ps3
-Remove USB stick from PS3
-Put it back in PC
-Copy SLUS_212.43.cht in the CHT folder that