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This 100% works as I have just done this today and have a Challange Lobby on an un jailbroken 3.42 firmware PS3
PS3 has a feature called Data Tranfer utility. This feauture allows us to transfer all the data from one ps3 to another with a Ethernet Cable, but most importmantly it allows us to transfer copy protected things like Game Data.
To do this you will need 2 PS3's, one jailbroken one on firmware 3.41 and one updated one on the latest firmware. When you have put a Patch on the jailbroken PS3 and are happy with it, plug both ps3's in and hook them up to your tv. Get a ethernet cable and plug 1 end of the ethernet cable into 1 ps3 and the other end into the other ps3.
Note: Doing this will Format your Hard Drive on your updated PS3 and you will Loose Evryerthing!!, so backup the data you want like Gamesave before doing this, also on the Updated PS3 Deactivate all the PSN accounts, so you can use your downloaded content.
Turn Both console's on, on the Source PS3 (Jailbroken One) goto Settings>Sytem Settings>

ata Tranfer Utillity. Select "Tranfer data from this Sytem to the other PS3 Sytem" if you have bought items it will ask you to deactivate the accounts you wont be able to as you cant sign in so just press no, it will then ask you if you want to tranfer trophy info thats up to you. Follow the rest of the instructions. Then on the other PS3 the updated one, goto the Data Transfer Utility and and select "Transfer Data From other PS3 sytem to this one" then follow the instructions, your updated ps3 should restart dont worry thats normal, it will give you a black screen with a status bar, if you have alot of data it will probly take awhile. When it Finishes you should Have the modded patch and be able to sign in, and host Challange Lobbys :rolleyes:
Note: I will Not be responsible if you some how mess this up, or break your PS3!!!!
For more help on this visit
https://manuals.playstation.net/document/en/ps3/current/settings/transferutility.html
Update:
just found this vid on youtube showing the modded patch being Transferred:
[ame="
https://www.youtube.com/watch?v=8BemXnOO1Bg"]
https://www.youtube.com/watch?v=8BemXnOO1Bg[/ame]