Not directly though, as it is not an ELF. But once you do have SwapMagic, you don't actually need FMCB. I've never really thought about that, but it should be. (BTW that menu is the browser, not FMCB. FMCB has no UI on its own). The PlayStation Driver settings are handled differently from the rest of the settings. The reason why they are always reset to "Disabled" whenever you visit the browser, is because rom0:EECONF always erases the sector within the EEPROM that contains the PlayStation driver settings. This is done with every IOP reboot, so I guess the settings are binding as long as nothing changes the copy of the settings within the EE kernel itself (i.e. browser is not run again, which includes FMCB).
@sp193 Thanks for letting me know. The PS1 smoothing makes quite a difference for me personally. It's a bit of hassle changing the settings each time, not sure why Sony wanted them to be reset, but at least the PS2 did something for PS1 games. Also, my mistake with confusing the browser and FMCB, I'm thinking of a browser menu with added items done through FMCB. Anyway, I'm going to go ahead and order Swap Magic then, thanks again.
Any PS1 cheat/boot disc should work in your PS2, as long as it's a PAL version disc. But, as previously mentioned, games will boot to whatever native video mode they are in. However, you can boot up a NTSC/PAL switcher utility disc, then your PS1 game, and your set to go. The Breaker Pro is just a stolen homebrew program (Import Player) on a pressed disc with a 99 minute ToC (for older PS2 pirates that were above 74 minutes).
I agree, though I've noticed it can cause graphical glitches in some games. Some games have black lines between polygons that shouldn't be there, if smoothing is enabled; Rage Racer is one example. Other games work fine. It does make a pretty noticeable difference when it works properly, especially with games that have particularly lo-res textures.