I assume the one you are having is an original sega product.
If that's the case, it should just work as a replacement for a gdrom drive.
Sega had another compact flash card solution, but it only worked with a specific brand of flash cards.
Another brand of compact flash card makes the system reboot after approx. 1 minute.
I recently discovered that my netboot security pic can be used for compact flash as well.
It just requires the change of 1 jumper to switch from netboot to compact flash.
Besides that, the solution you showed should boot into the Japanese version of OR2SP.
If your chihiro region setting is export, the game won't boot. (I can't remember the error code but it's not 25)
You can switch the region when you're in netboot mode (jumper) by pressing the service button
several times (like 30) while being on the version screen of the test menu.
It's a bit complicated to get a game on a compact flash card because you need the card id.
Usb compact flash adapters can't show that info from a compact flash card.