Ah, I found a few documents on it which cleared up most of my problems. As for an editor, I hadn't actually planned on making one, just ripping information from the file, but if I get good at this I might take a crack at it.
Incidentally, does anyone know where I can find some good documents on the playstation? i.e: compression, assembly, that sort of thing? I've noticed that a lot of the documents out there are rather crappy quality and finding well written ones is a difficult task.