Updating Firmware

Hello, I currently have 3.52 m33-4 installed on my Fat PSP and was wondering if I could upgrade directly to the highest available update for CFW. If so, how would I go about doing that? It has been a long while since I have upgrade my psp so as much info as you can provide the better!

Also, is it worth upgrading?

Download the updates at dark-alex.org. It's worth updating.

5.0 M33-3 + 1.50 add on will let me continue playing my EMUs and ROMs? (I'm totally new to CFWs )

Yes, you'll still be able to play everything that you could play on the previous firmwares...Just think of it as an update, cause really...thats all it is anyways.