Yes, I can confirm this too. But, I kind of knew a simple rename will not be suffice because the *.bin data within each folder will still contain BLES00689 system information.
Theoretically, if someone knows how to alter the binary data to correspond with -00688, then it's possible... I also believe that if this data can be modified there is a small chance that editing as a whole will become much more fruitful. Kits and faces could appear like they do on pes2010 PC patches... i.e. indistinguishable from default licensed kits.
I've often thought about this because I reckon the Konami updates will most likely be in *.bin format... it's worth thinking about. Sadly my knowledge of bin editing (Hex, Decimal, IEEE 754 Reals, USAscii, EBCDIC, TimeInMillis etc..) is non-existent so I can't be of any real help.