I would not recommend using the AIO updater to update your Switch because many people have been having issues with that. As a general rule of thumb, CFW should always be updated before firmware because newer versions of CFW have no downsides compared to older versions but newer firmware versions break older versions of CFW. As for updating your CFW, its as simple as deleting the old CFW files (namely the /atmosphere and /sept folders) and downloading the newest ones from the GitHub page. If you are going to update your CFW, you will need newer patches which you can find in the pinned thread on this forum. Lastly, your Nintendo Switch firmware can be updated with the homebrew application Daybreak which comes bundled with Atmosphere by default. All you will have to do is find the Nintendo Switch firmware files of the firmware you wish to update to online. Since those files are copyrighted however, they cannot be shared here on this forum even via private message but Google is your friend.
Thanks for this reply -- it was very helpful. Is there a downside to remaining on older firmware? I'm still on 10.2 -- but I imagine any game updates would require me to move forward to higher revision, no? Other than updates and newer DLC possibly being gated by higher firmware, is there anything else I would miss out on?