Yes you should be able to just update the eprom to the latest update which is v2 RC4. It works well for the most part. I had some issues with the older beta but those were resolved with the RC4 beta. One such example is on the following thread http://roland-jupiter.org/viewtopic.php?t=454
and my second post there explains how to overwrite the new additional patch preset slots.
Not sure when Jeff will make a final release, but I dont think I have reverted back since updating to this v2 RC4, although you could do that if you have any probs with the newer release candidate. And if you do email Jeff and he has any more info or updates could you let us know here too. Thanks mate.