No, the update file contains only microcode, not a complete bios image, so nothing to mod. A complete image (or at least bios-region) is needed. No guarantee for success, HP is one of the worst companies i know for bios mods, they use hardly breakable locks.
Perhaps yes, but after some googling with the model, this seems to have a very special bios that is not moddable. UEFITool is not able to recognize it. So better move this crap to trash and look for a better solution