Thanks for the pdex.elf, and sorry it took me a while to check this out. My previous fix for pdex.elfs with multiple segments was to just look for the first segment with data in it, but somehow this pdex.elf has the text and data sections in different segments. 
So that's why the relocations were all outside of the output binary, we didn't copy the data section to the output.
Here's an updated build that copies all non-empty sections to the output binary: pdc.zip (793.9 KB) When I run the resulting pdx the screen is black, but it doesn't crash or hang. When I show and dismiss the menu I get "Paused!" and "Resumed!" in the console. It crashes when I quit to the launcher, with a message like "It's finally working!" Well, sort of.. 