If you want to update to 4.3 and keep HBC(homebrew channel) there are 2 ways, one is open HBC if its not 1.0.8 then it will ask you if it wants to update, this is if you have the wii connected to the internet. If not you can download the latest hackmii installer put it in your apps folder and run it through HBC and install the latest HBC version. Once HBC is updated to 1.0.8 then update to 4.3 and it won't be removed. But being you say its soft modded by somebody it more than likely has unsupported stuff on it and updateing could make it worse or brick it. One of the senior people that knows more will be along give them time.