It seems the BIOS update includes a DOS updater, all you need to do is create a bootable CD or USB drive to flash.
Realistically though, vendors rarely add new features to BIOS updates, generally it just consists of CPU microcode updates/bugfixes and support for replacement components in newer hardware revisions (..LCD panels mostly).
If you can't tolerate the non-native VESA resolution, dual-booting with something else does seem to be your only option.
Good luck.
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