I have never seen the inside of a Neo CD. However, it is possible to upgrade the PSX and I have seen it done. You would need to replace the CD with a similar CD housing. The PSX used a standard CD housing with an unstandard pinout. This could easily be taken care of by rewiring the thing. A friend of mine moded a PSX to a 32X drive a long long time ago. Never had any problems what so ever. I am sure something similar could be done for the Neo CD, but here is the catch. If the interface card on the old Neo CDs used a really slow or ancient bus, or if they are limited to a few k of cache like older logic boards, then you will not be able to sustain the higher speeds. If anyone has a broken Neo CD that has a bad drive that they would like to donate to me, I could try and replace it with a new 50X, but I would have to look at the guts of the thing to know for sure.
-Nick