nope but it will most likely delete your cios... what is asking you to update? and what system menu version are you on now? i suggest do a full update and then follow this guide word for word step by step. http://gbatemp.net/t171901-modify-any-wii-4-2-below
you shouldnt need to delete the homebrew channel... what game is it? and DEFINITLY install priiloader... you can get it here http://wiibrew.org/wiki/Priiloader
super easy... use dop mii to install latest ios 55 and ios 53 aswell. that is what is included with the system update on the monster hunter disc. pretty sure if you install those two it will not ask you to update... you should install priiloader first and foremost to have some kind of brick protection.... its saved me a few times way back. EDIT!!!!! go for it actually update that is... http://gbatemp.net/t226992-monster-hunter-...pdate?&st=0
As soon as you turn on your wii hold the reset button when you see priiloader menu go to System Menu Hacks Enable "Block Disc Updates" and suggested "Block Online Updates"
You need to make a "hacks.ini" file. Choose your System Menu on this page http://wiibrew.org/wiki/Preloader/hacks and copy it to the hacks.ini file. Place file on the root of your sd card.
