Hi Denzel and Dennis,
Thanks for the good advice! I suspected that was the way to do it, but wanted someone else to chime in before I proceeded.
At first, after I updated, it looked like I lost some things because the LayerSlider I had placed under the homepage header wasn’t there and the page layout wasn’t right. But then I saw that I needed to reinstall the LayerSlider and the Theme4Press Core. Once that was done everything worked.
So thanks again, guys!