I do all PSP on my Vita. Mostly Dracula X Chronicles and that one K-On! game but I've got a couple of others in the backlog.
>>14510499
Vita hacking hit a leap recently since you can update a 3.60 system to a hacked 3.65 one, some games required a firmware update so they're now playable. In future there will apparently also be ways to break 3.65 and to a lesser extent 3.67 but that's not for a while.
Hacking one is mandatory. It gives the option to use SD card adapters instead of the garbage official ones, a freeShop-esque program (pkgj), Adrenaline (most PSP and some PS1) and RetroArch (not amazing but workable for some systems).
In short, if you can find one at 3.60 or lower in decent condition, and have at least some interest in playing Vita games, then yes go for it. I recommend the OLED models, in particular the 3G ones for a PSVSD adapter but some of them have aged poorly, and the hack setup will require an official memory card.