Swap Magic plays KH2:FM+ fine. The only exception is I have no idea if PAL can properly display KH2:FM+ since it is in NTSC-J. If you have done your research correctly, there's a noticeable problem where playing a PAL region game on a NTSC or NTSC-J region PS2 or vice versa, for most games, has resolution display troubles, which you then need to resort into using a NTSC to PAL or vice versa converter but that doesn't guaranteed it'll work 100% even after doing so. However, playing NTSC and NTSC-J games on either a NTSC or NTSC-J PS2 works interchangeably as there's no conflict in different aspect ratios and stuff.
And don't download the game, what's with you? Blasphemy.
And if you take in consideration HDL .8b is only for playing KH2:FM+ off the HDD, you'd noticed there's a huge difference between Swap Magic and HDL. HDL is basically a program what lets you play games off your HDD through the use of such and such. There are known problems for KH2:FM+ on the HDL which is having no working gummi missions like in KH2 when it was first released I think although I don't recall so clearly. Anyways, Swap Magic works fine with KH2:FM+ if you buy it... alright? Buy it now. I have no idea where and why you mixed up HDL and SM unless you were asking of SM so you can set up a trigger disk.