Now that would be an interesting project. Not that it would do any good, but the results would be amusing.
If I remember correctly, the "update" was to change warp3 into warp4, but it was a complete installer, not actually keyed to what was being updated, so you could do a new install with it (the license required that you have warp3). It may be stupid enough to actually do the "update". The results would be the interesting part.
At best, you would go back to about 1994, but probably the drivers would not be able to operate your hardware (unless you have mid 90's hardware to go with it). At worst (probable), you would need to restore what you started with (assuming you have a good backup).
Try it in a virtual machine, if you really want to do it.
The Bonus Pack items may install properly, with a little experimenting, and may actually work.