The BackupLoader Gamma, well... loads backups. At the moment it has the best compatibility. So if you can run run homebrew, you can run the loader.
3.4 doesn't really add more functions. One one (and probably the only) improvement is the sd read speed. Furthermore the 3.4 update tried to ban homebrew and disables illegal channels.
Check my sig for the whereabouts on a complete pack.
So no need to update at all.