What you just described should work. (Truth be told, you don't need to update the channels unless you want stuff like SDHC compatibility. Or something.)
Don't worry about updating bc, MIOS, and the EULA. bc was updated just to prevent people touching MIOS. MIOS is updated to prevent people from "misusing" GC mode (tweezer attack, Action Replay...). The EULA is not necessary to update... unless you're one to panic over something like a missing line in Chapter III.
Don't worry about updating bc, MIOS, and the EULA. bc was updated just to prevent people touching MIOS. MIOS is updated to prevent people from "misusing" GC mode (tweezer attack, Action Replay...). The EULA is not necessary to update... unless you're one to panic over something like a missing line in Chapter III.