P.1 is just the firmware version number, each manufacturer has different naming convention. You should be okay to upgrade to the lastest version as it should have rolled up older updates to the newer one. If you are fearful, do incremental updates, one bios version at a time.
It always says not to do it if you're not familiar, just follow the manufacturers direction, though I can't guarantee if you will brick the board. So do it at your own risk. Afterwards, you should be able to use Ivy Bridge, but don't quote me on that because you didn't list your motherboard info.