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1st gen PS4 with 5.01 an instabuy?

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So now when I have a modded PS1/PS2/PS3 I've started to focus on a PS4. There is one 1st gen fat model near me with 5.01 and I think it's an insta buy as they won't get any lower (FW wise) than this I think. Not for a reasonable price.

Now what would be the correct way of approaching this?
Buy it, do all the necessary maintenance like re-pasting etc. Change the internal HDD for a 2TB one. Then backup the 5.01 FW, then update to 7.55 (I know, I know, not that stable) for that up to date...

1st gen PS4 with 5.01 an instabuy?

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