According to that article, the Xbox 360 BIOS could be viewed as a BIOS in a PC. So I think you can do this.
Emulators are, in short, software that run on computers that mimic the hardware of another computer.
For XBox 360 PC, emulator:
emulator 360 XBOX. Or, get a micro SDHC card (one just for this install, not your game save drive card) with a smaller capacity that you can carry with you.
For XBox 360 (via emulator):
buy a micro SDHC card (one just for this install, not your game save drive card) with a smaller capacity than the game. Put the card into a new XBox 360 you bought, and then put this "use" card into the new unit.
The first 10 minutes of the game is the same, but then the game becomes slightly different.
Do you need to have the correct bios on your xbox if using the emulator? if not, then no, that is not even needed.
That is what is being done in this game.
A video of the change (aside from the small difference of the intro) is seen here:
Hopefully that helps.
There are another, similar games that are needed to install.
I recommend getting the game, starting, and completing the game, before installing it.
Then installing the "used" game will not interfere with the rest of the game.
Then you have installed all, you need to do, is to install homebrew mods to the newly installed game using the modified BIOS you downloaded.
Before doing that, you need to put the game into a new, fresh, clean, and empty XBox 360 unit that you put the game into, then you need to put that unit into your computer, and insert the used game.
Once you do that, and you navigate to the right spot in the Xbox 360 BIOS while starting the homebrew mod in the Xbox 360 BIOS, then you need to download and install it.
Once you do that, you will have the game installed on the console, as well as the homebrew mod you downloaded using your BIOS.