The firmware update is all-or-nothing. Having said that, I'm not aware of any changes in the v3.11 firmware that were anything but an improvement over v3.07 (improved PLIIx, easier access to AV sync settings, editable input names for more inputs, and so forth). You'd have to re-configure the unit (the reset would wipe out old settings), but a few minutes with a pad of paper could get most of those recorded so you could easily re-enter them.