Yeaaaaah. Jeebus.
To boot PS1: From standby mode, HOLD the power button for maybe 4 seconds. PS2 will normally boot PS1 games now.
To return to booting PS2: Coming from PS1 mode, HOLD power button to send it into standby. Pop in a PS2 game and then just tap the power button to power it up again.
I don't know the specifics, but this is what I remember of what Trace told me. Maybe he can give more specific instructions.
To boot PS1: From standby mode, HOLD the power button for maybe 4 seconds. PS2 will normally boot PS1 games now.
To return to booting PS2: Coming from PS1 mode, HOLD power button to send it into standby. Pop in a PS2 game and then just tap the power button to power it up again.
I don't know the specifics, but this is what I remember of what Trace told me. Maybe he can give more specific instructions.