Yes, I would strongly recommend updating the channel. Typically channels don’t change, but in this case there’s a major shift from IOS202 to IOS58 happening.
The older channel starts on IOS37, reloads 202, then loads WiiMC. WiiMC reloads to 58.
The newer channel starts on IOS58, then loads WiiMC.
37 > 202 > 58 is messy business and something could go wrong.
Install IOS58 first, then update HBC so it uses IOS58, then install the channel. You should only have to do all this once.