Both bracelets are supposed to prevent status ailmemts, like possession or weakness. Those are usually inflicted during showdowns with violent ghosts.
As for the radios, they are scattered in precise points in game so that the medium always finds a way to tell you about the chapel. That unlocks a new destination for the rowboat.
Meanwhile I'm done adding the exception handler to the game. Phoenix should be able to tell me if the crash on PS3 fires an exception, hopefully giving some hints to how it can be fixed, and just in case for covering other reports as well.
EDIT: Found what was the issue; a very stupid one indeed, caused by missing a delay slot because of micro patching. I will be adding soon a new version of the patch, with also a few text corrections.
EDIT 2: Version 1.0a has been submitted and approved.
Just in case you experience another hard crash, the game should enter into the Exception Handler and print out a few useful values. If you ever encounter a crash leading to this screen, make sure to grab a picture and report it to me.