you don't need a working bluray drive to mod it 

  As long as the drive controller itself works you can mod it fine.  Slap 3.55 KMEAW or similar on there and then put it in the corner of the room to gather dust just like mine  
 
To be honest there is nothing a Modded PS3 can do that a RGH/Jtag Xbox can't.  And the emulators for 360 get a lot more love then the PS3 versions.