This tool is for v5.5.1-v5.5.2 only (because of the HBL loader). OTP and SEEPROM are required, so it is only for previously hacked consoles with backup of those files. (If you installed redNAND before you should be able to dump those files from your SD)
(If you don't have OTP you can take the OTP from someone else because the USB key is the same).