It IS possible to downgrade from 2.6 to 1.5 IF you don't have a PSP with a TA-082 motherboard.
The method requires you also to have an original, unpatched, GTA:LCS UMD. (I used this on my PSP)
It is also now possible to downgrade from 2.71 to 1.5, again only if you don't have a PSP with a TA-082 motherboard.
This method does not require GTA:LCS, but can be slightly frustrating as it could take a few tries before it runs (it took about 8 tries on my friend's 2.71 PSP)
So if you want to downgrade to 1.5, this should be the easiest way:
1. Check that you don't have a TA-082; the picture here shows it clearly:
http://www.maxconsole.net/content_img/ta82spot.jpgIf you have a TA-082, bad luck there's no downgrader at the moment.
2. If you don't have a TA-082, upgrade to 2.71:
http://www.psp-hacks.com/file/5253. Downgrade from 2.71 to 1.5:
http://www.psp-spot.com/forums/index.php?a...ls&f_id=725