1) I would imagine the easiest way to update your Classic WB to update this and the WHDLoad too if you are out of date by years is to install the Classic WB Latest version into your Win/FS-UAE's hard drive folder.
2) Save the files as folders onto your CF Card.
3) Drag them into your Workbench Petition and ask it to copy over the existing files.
It would be really annoying if to upgrade your Classic WB you have to put in Workbench Disks again and unpack them again only to find out they have wear and tear and no longer work.
There has to be a better way of doing it and that was probably it but I dare try it until I know it works as a definitive method.
Plus I don't have a CF slot yet anyway due to new computers going SD size only but if and when I do get an external reader for those cards I would like to know if it works updating that way.