I can first upload my f/w, modify, and download again, thus no risk of using the wrong f/w.
Do you have any opinion on this? Or just, don't hassle with the player as long as it is working?
seems legit to me, I do it all the time. Just make a backup first so you don't screw your player as Tadad explains.
modifying the firmware is only good for changing font and graphics, I would not try changing anything else unless it is suggested and tested in the forum
wow I am a poet and I don't know it

...well I do now....