[quote name='Coded_arm']Yes, it's possible. A PSPgo is a PSP.[/QUOTE]
Although your statement is somewhat correct, it doesn't work the way you think.
You are limited to how many times a PSP Go can be "activated" on any PSN account, after that limitation is used up you will not be able to use those games.
From the PSP Go FAQ from Sony:
Q: What does it mean to Activate a PSP Go?
A: Activating your PSP Go links it to your Playstation Network account. Sony allows up to 5 PSP systems to be associated with a single PSN account, meaning that any games purchased under the linked account will be available to transfer and play on those 5 PSP's.
Q: Once I buy a game, how many times can I download it?
A: You're allowed to download it as many times as you want, but as stated above it is limited to 5 PSP activations.
In a nutshell, once the PSN account is shared 5 times, you will no longer be able to share it further. In addition, to play that shared game you will have to "un-authorize" your PSN account on your PSP Go, "authorize" the game share account and "re-authorize" your account after you're done. Although I don't believe it counts against activations, I personally would not risk it.
It should work if people actually "un-authorize" their PSP Go after they are done, but you have to keep track of that process, and people will forget to, or refuse to. It would be a management headache trying to keep track of the 5 people you want to share with. If you decide to limit to just 1 or 2 people to make it easier to track you might pull it off, but they better be good friends that will give it up if necessary. Still not worth the hassle IMHO as it reduces the "savings" you will get.
Bottom line, PSN Game sharing is not a reasonable option on the PSP Go, it is safer and easier to just buy your own games. In regards to not wanting to pay "full price" for games, you don't have to. Sony has been really good at having sales every week. Limit yourself to just those sales and you should be fine.