The selfs are all still compressed, this isn't going to help you edit stuff just yet, it's only doing the same thing as installing the files on a JB then copying them.
A quick experiment proves it:
-Install the pkg on a JB ps3, then copy out the EBOOT.BIN however you want, call this (A).
-Use this new tool on the same pkg, take that EBOOT.BIN and call it (B)
-Compare (A) and (B) using a hex editor, the two files are going to be identical, bit for bit.
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edit - if someone gets the encrypt method out of this you'll be able to do COD4-5-6 easily though, just make new pkgs with the modded fastfiles and install them with the CFW