You can use this
thread to identify if the hardware is patched or not. As for updating to the latest firmware, you can do that but I would recommend using this
tool to do so as it lets you update without burning fuses. Fuses are literal microscopic eFuses embedded into your console that are burnt to prevent downgrades. Keeping the fuses for a 3.0 console means you might be able to take advantage of a future warmboot exploit that doesn't use a jig or USB cable which is needed for the current exploit that works on all firmwares.