I recommend keeping what is currently loaded on the router if you are not experiencing any problems. You won't gain anything by upgrading or loose anything.
I ran v1.12 on my last 4500 for a long time and it was very stable.
If your sons game, check out the gaming and gamefuel stickys on how to set up game consoles and such. Adding gamefule rules for the game consoles and other devices will help ensure the bandwidth is not being hogged up and everyone is getting a fair share.
I have 2 of these routers and enjoy them greatly. We stream videos, netflix and game on xbox live and general internet.
Let us know how it goes and if you need any help.