I used SMCIPMITool's flash option to update the IPMI firmware. There is no option to preserve configuration, so does this tool preserve the configuration if I update it?
Before doing a firmware update, be sure to have another way of accessing the system (SSH or local access). If you use SMCIPMITool to update the IPMI firmware, the settings should be preserved. After the update please wait a couple more minutes for the IPMI to re-initialize before attempting to log in to it again.