And at last I found it. With the following toolchain you can create an AVCHD content to be played on PS3 with subtitle on/off capability, using picture-base subtitle taken from Bluray disc!
- BDSup2Sub - Use this tool to convert .sub and .idx distributed in the Internet back to PGS .sup file (BD subtitle). Don't forget to change the resolution. I think it should be possible too to take this from a BD movie directly (but I rarely found anyone distribute subtitle file in .sup format, since .sub works well computer-base player like VLC or Media Player Classic).
- tsMuxer - As with normal AVCHD creation, use tsMuxer to mux MKV video and audio stream, then select add and add .sup subtitle file created above. If you have a compatible MKV (H264+(AC3 or DTS)), the conversion takes only about 5-10 minutes. I would recommend writing directly to your external hard drive where you will use to plug to PS3, since speed here depend mostly on hard drive speed.
- AVCHDMe - After the the creation of AVCHD, use AVCHDMe to make sure that the created AVCHD is playable on PS3. Mostly this only concern 8.3 file name, so I guess just renaming the file manually may work.