For the record, I tried this with Dead Rising 2, converting a US (BLUS) save file to European (BLES) and it didn't work.
I tried both methods, changing the folder name and hex editing the SFO file, as well as just copying the SFO file from my EU save to the US save.
EDIT!!
I tried this guy's method and it worked!!
Originally posted by noob
OMG, WOW. this has to be the biggest pile of crap going.
to change region: (blus to bles)
1. find the blus save you want
2. copy the contents of the blus save, except the .sfo and paste them in the bles folder.
3. add the file to xploder
4. now assign the save to the user. you will get an error, but ignore it.
5. DONE, see no hex BS