Just update ironhax using Ninjhax. I think it still works on latest FW as long as you have the old ironfall version. I doubt they are going to update all the games on your console, just the firmware.
Edit: They might send you a refurb though. I'm not sure if all the SD card content would be transferred as-is then.
Yeah, I'm already on 10.3. My main worry is having to redownload everything and losing ironfall 1.0 in the process... although there's not a whole lot I can do about that