The 4790k is a haswell refresh CPU. This means the motherboard has to be at least version 1.8 to run this CPU.
If you bought the motherboard a year ago, it should have a compatible bios version on it.
You could buy a used 1150 cpu and flash the bios yourself if it won't boot with the 4790k.
As long as the motherboard will be flashed in bios itself with the implemented m-flash, there is as good as no risk flashing it. Don't flash in Windows, use an USB 2.0 port.
flashing/updating without a CPU on this board isn't possible
Between Z97 and z87 is no performance difference