No jacks i think you are wrong. I thought that the tray dont eject on V5R, My friend has the same problem.
He said that you have to hold reset and then press eject to do the swap, I think the chip temporerily distracts the PS2 so it doesnt know you pressed eject.
So in theory V5R's with neo2 should be able to boot dvdr's with swap magic as there is only 1 swap involved.
Please correct me if I am wrong as I have been out of the PS2 scene for a while.