You can update the software as long as the SE policy allows it. Most importantly, it's transparent to your users and can be verified by them. Maybe more safety guard rails can be added to that operation.
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And what is the strategy against HW failure? Do you get multiple units and have that x of n multisig going? Can you rotate the units once they fail?
I know. But still I see many possible fuckups :)
But I hope someone does it will. Maybe a publishable template...