If Pentax firmware works like Canon firmware (I'm reasonably certain with all cameras, Canon, Nikon, Pentax, Sony, & etc., choosing firmware update from the camera menu only sets the boot flag on the card -- if the camera finds a usable autoexec.bin file in the root directory of the card, the camera will boot from the card instead of from internal memory.
Common mistakes:
1 failing to extract files from archive before copying to card (i.e. copying archive file to card)
2 failing to extract files from archive before copying to card (i.e. extracting archive files directly to card instead of to a directory that gets copied to card)
3 failing to format card in camera before removing it & using card reader to copy files from archive to card
I made the last two mistakes
ops: