That's your only option right now that I know of but If you're PS3 is able to downgrade you can install REBUG 4.84. That's only if your PS3 can be downgraded though.
I'd suggest you do some research first though. Don't just go off flashing CFW just for the fun of it. You don't want to brick your PS3...
If you have a hackable PS3 which sounds like you do Spy is a good solid CFW or you can enable QA flag to allow downgrade to 4.84 then use something like SEN Enabler to spoof to 4.85 for PSN access. I would suggest using Spy as it does everything you need and is a solid CFW.