Yes and No - You can use a pre-modded PSP with CFW to convert a regular battery to a jigkick (pandora) battery (it's called softmodding - google it). Then you create an MMS and you can convert another PSP. When done, You can use the first PSP to convert the jigkick battery back to a normal battery.
I believe TimeMachine is all you need to convert the battery - not sure.
I found this - it might help you -
http://www.pspmod.com/forums/psp-sof...m-s-guide.html (My way of Installing U.P.M.S {Guide})