Help getting started with 4.0 system menu

Hi,
Brand new to this party, can't wait to get started; I looked into hacking my wii to play imported games since I moved to the UK and brought my US wii, and I'm tired of paying to import discs. But then the more I looked, the more curious I've become so I bought a new (used) PAL wii just to play around with homebrew...
Once I know what I'm doing I still want to region-free my old wii, but it's also my kids' so I'm not allowed to break it =)

I was all ready and read-up on letterbomb (as my NTSC model has 4.3U) but when my wii arrived, it has system menu 4.0 installed.
I realise this question is probably answered many times in various FAQs but nothing I can find is more recent than 2011 and I don't wanna screw this up on old information.

Is the best option to go ahead with bannerbomb and keep the 4.0 menu?
Or do I update it to 4.3E and then use letterbomb as I had planned?
I don't have any of the games required for the game-based hacks.

Thanks!

Better to update it to 4.3 first then use letterbomb.

4.3 and then Letterbomb worked beautifully, basking in Homebrew glory.
Thanks for stopping by to help a noob! =)