jailbreak question

hi there new to forums

iv recently found my G-Team p3 t-break which i understand are not upto much, so i was wondering is my ps3 down gradable or possible to hack.

Its a CECHH03 and its in fw 4.31 stock and its asking for me to upgrade to the new 4.40 and was wondering if theres anything i can do with it or should i just upgrade it and leave it stock.

thanks for any help