heres what you do, you do not need the OFW you can go to 5.50 gen-D2. To do that you need to go through all the other gens first in an order like this, GEN-A, GEN-B, Gen-D, Gen-D2. I think you can skip C, and B2. then you should be able to use the UMD or make a backup of a UMD you own, then it should play.
http://www.pspmod.com/forums/dlcat-custom-firmware-7/