Updating previous CFW


Hey all!

I jailbroke my PSP a long long time ago, installing CFW 5.00 M33.
However today I bought The 3rd Birthday (big Parasite Eve fan) and it requires a much more updated version of the firmware to what I have installed.

Just to put things in perspective, I have an old PSP Fat 1000, one of the original release models in Canada/USA, so it's a good age now.
I also have a Pandora battery incase that helps.

Is it possible to update my existing CFW to a more updated version compatible with the game?
Or am I going to need to go with the official firmware for the time being? If so, can I just install the update from the UMD over the custom firmware? Or is that going to brick it?

Sorry if these are basic questions, but it was a long time ago that I did this and I can't really recall how I managed to bumble my way through it.
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