So I gave this a try and it updated, everything to the version you have listed in the readme, except for the menu which still says its v1.05.
I converted some cd images from the redump using the toolset, and I formatted my SD card and recopied everything over. When trying to launch any of the cd games nothing happens. I tried launching a regular game and it has been at the loading rom screen with no progress for 10 minutes or so now.
*Edit*
A reboot has it launching regular games again, but it still just shows the Menu at V1.05 and no luck with CD games.