The matrix site seem pretty confident that it can and will work!
"The installation on a 1.1 Xbox is a little more difficult.
First step is to clean the G-spot of lacquer. To do this you can *gently* remove the lacquer using a fine point craft knife, but it is better to buy a fibreglass pen as these are designed to remove the lacquer safely.
Remove the screw and place the washer in position with some tape being sure not to cover any of the contact points the pogo pins will be touching. Align the matrix mod chip as per the "Official Install Guide". The Version 1.1 XBox has no Solder in the LPC bus points so the Matrix will "slot" into place.
The following is from the xodus-chip website:
"Quick side note: The matrix installation manual will be updated ASAP regarding the alignment problems experienced with the v1.1 boxes. (For now rough guide is: any green flash no matter how quick, while booting the console, may be considered as a good alignment.) There are ways to obtain the green flashing, please bare with us while we finalize our tests"
Some people have reported a constant green flashing light on a version 1.1 XBox but the majority find the the chip flashes green for a split second then blinks red.
Here is a collection of tips from various forums to help you align your matrix mod chip in a version 1.1 XBox.
Be sure to carefully clean the G-spot with some alcohol or craft kninfe as there is a thin layer of lacquer that stops the needed electrical contact of the DO pin.
The easiest way to get the matrix aligned is by simply using the alignment holes to verify that the unit is aligned and that the d0 pogo has electrical contact .. if you turn on the xbox while in mode 1, you should be able to see a very brief flash of green.
When aligning the chip, press down firmly on the end with the 3 alignment holes (ensuring there aligned correctly) and screw down ever so slowly.
Tightening the screw too much takes the chip out of alignment. If you're worried about your chip coming loose, tighten in small steps and check the mode 1 green light frequently. If you get only red blinking again, you've tighten too much.
If you can solder or know someone who can it is fairly easy to fill the LPC holes with a little bit of solder. So far this has had the greatest success rate.
Have a look at
http://www.game-pax....xboxchiping.htm for some tips if you are willing to do a little bit of soldering.
The best way to tell if you have you matrix mod chip working is to get your hands on a coloured BIOS. This way you can rule out the CD-RW as the problem."