The red lights are there for a reason!
Yes, you need at least kernel patch 200 for Personas SP01 to work. Patch 300 is out now and it is always best to go for the most recent.
I suspect your problem is actually caused by the ztta/diag_area being too small. Increase that to 50,000,000. Also increase the global memory, maybe to twice as much? A red light here is bad but an amber light is generally OK.
Then get back if you still have problems.
Steve.