| Well the only fear I would have is that, whoever you send it out to, might put an official firmware on it, taking away your ability to play mem stick games. You could get ahold of the isos for the games, as you legally own them.
I just bought a psp with the same problem. I havent receieved it yet, but it was 40 bucks, how could I pass it up? Anyway, im hoping that it can be fixed with a firmware update (much like rebooting a computer can fix an internal wireless card) or a cleaning of the eye (though I really dont want to take it apart....but then again a custom housing would be cool).
Im sorry I cant be of more help. Like I said, try a firmware update if you dont already have 371m33.
In the middle of this post I decided to look around. It looks like this is a major problem. I found two helpful things. One- A company has found that dropping or jolting the psp can be the cause of a faulty lens assembly (req. replacment), and Two- several people claim that it happened to them, they restored factory settings and fixed the problem. Check it out.
Max | 
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