Having a LUA interpreter is not enough to port FBA games to PSP. FBA uses LUA as "glue" to mix together resource handling functions (loading/blitting images playing sounds and so on).
As a prove just search FBA functions like "loadimage" or "drawimage" in your LUA player.
It would be very cool to easily make games with FBA and porting them to the PSP with a click(like exporting project to EBOOT), cause PSP development is very hard(You have to download cygwin, toolchains etc...). I know that already exists a luaplayer for PSP but for testing the game you have to link PSP, copy the game folder, unlink PSP and test the game every time to see errors like missing parenthesis etc... it IS boring!