i've tried various Z80 dis-assembly softwares to dis-assemble the firmware file, but many at which either hangs my laptop while doing so, or totally is unable to dis-assemble it.
What Fuma had mentioned about editting the hex directly is true, editting directly without knowing the microcontroller's process handling would most definately kill the player. Just take a look at the number of dead players in the forum, all the wrong firmware updates were actual working extracted firmwares from other members. But in the wrong player with probably different hardware layout, killed their players instantly.
I guess it is pretty much a long way to go to be able to fully customise the player in every particular detail. But lets hope someone is able to do it!