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assuming you follow the instructions CORRECTLY... you shouldn't run in to any problems whether you update to 3.71m33-4 or 3.80m33 (and then to-5)...
but the reality is... even then there's a chance something could go wrong... at least it's less likely than going at it blindly.
but if you're worried, you can just stick to going for 3.71m33-4... it's simple and doesn't require a full firmware rewrite.
the only difference in 3.80m33 firmware of the phat vs slim, is support for 1.50 kernel. unless there's a shitload of homebrew you want to use that only supports 1.50 kernel, don't worry about it.
the only reasons there are "updates" to a firmware, the -2 stuff... is because there were a lot of people complaining and making rumors (among other troubles)... that some of the people doing the CFW decided it'd be a little easier releasing it sooner, rather than later.
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