No. It won't.
If you plan to update, I would recommend Waninkoko's 4.0 updater instead of a Nintendo Update. Nintendo updates fix security holes (signature bug is the major one) that many homebrew users consider useful.
Also Gamma is horribly outdated. Try getting Neogamma.
EDIT: should add that bootmii as boot2 (if your wii can run it) would be a good idea if planning to update. Best anti-brick app around.