Just wanted to share my success with you guys in case anyone else was having trouble. It was a bit tricky but managed to get it to work by doing the following:
1) deleted all game data
2) installed official 1.01 & 1.02 game updates (BLUS31010)
3) installed DLCs for unlocker (be sure to use version 1.02) and Ultimate Speed Pack
4) went into MM and enabled "game disc" (required) and "bd mirror" (optional)
5) inserted original PS3 game into blu-ray player
6) launch game from blu-ray player
I noticed that if you DON'T install game update 1.01, it will not allow you to access multiplayer. Verified game is bootable & can sign into PSN and access multiplayer without issues. Still currently trying to find a discless pkg so that I can run from internal drive. CFW is Rogero 4.30 v2.03 on MM 04.14.04. Hope this helps!