Yes, would work fine.
You just need to make a new user on the PS3 which is on the far left on the XMB. After that make a new PSN account on the new user.
When you get your PS3 just tell it you already have a account and sign in.
All of your purchases will be able to be redownloaded on the new PS3 with no issues.
What I did was made both my bothers and mine activated under 1 account then use a sub account for gaming so that way if he or I buy something we both get it as long as the activated account that made the purchase is on my machine, so dont buy under your brothers name. 1st deactivate his system then create an account for both of you leave that the activated account his account will be a sub. you dont want to use his name or he'll be #1 account on your PS3 and when he logs in and your using his name account it will boot you.
You can still both each have master accounts and just have both accounts activated on both PS3's. Think it would be less hassle then you wouldn't have to worry about who's card is paying
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