I setup an Apple TV for my parents a year or two ago, jailbroke it, got XBMC going and promptly forgot about it.

I returned recently to find that Netflix was no longer working on the box, as I suppose support for whatever outdated Netflix version is installed on it has been discontinued. XBMC is bloated and running poorly. In general, the box is in a poor state.

At this point, I'd like to do a full overhaul of the box:

I'd like to update the OS to whatever the most recent recommended iOS is for the JB community - i.e. whatever version is the newest that I can get setup on it currently, jailbroken and without needing a tethered boot.

I'd like to get Netflix updated to a version that is not only usable but preferably new & improved - which I assume would come from updating the iOS?

I think I'd like to do a clean install of XBMC and configure it using the XBMC Hub Wizard.

I'd like to install whatever new apps / hacks / features are recommended by the community

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Now, I'd just lookup a tutorial to do the above -- but obviously, I assume you don't get many people looking to update from all the way back at 4.x. So, what's the best way to go about what I'm looking to do? Do I have to worry about SHSH blobs or any of that nonsense that I remember from last time I tried to update?