Kind of stunned - but believe I figured out the problem, and the update worked smoothly. I went to try one last time, and after staring for awhile at the zipped files that were downloaded for the update from Arturia - it dawned on me that it appeared that the actual file for the update (one of three in the download) was in the folder with program other than the Editor program set up to open it. I think this was the case due to the file extension. As well, after extracting the files from the zipped status that one file remained setup with another program on my computer associated with it (to open it). This became somewhat apparent when I tried to open it directly and the other non-Arturia program attempted to open it.
As such, when the Editor program tried to open it for the update, it didn't see it. At least this is what I think was happening (I'm not a technician). So what ended up fixing this was that once I had extracted the three files from the original downloaded zip file - I highlighted the extracted update file and "opened it" with the main Editor program. This then opened the file properly, now I was connected to the MB, and in executing the update it took hardly any time at all - and all functions from the Editor software worked thereafter.
So basically, it appears the problem was how the update file was downloading from Arturia - not that the file was bad, but because Windows was associating it with another program on my computer.
Anyway - I feel pretty good about figuring it out, and having the machine work as it should (up-to-date as well). Thanks for the responses received above. My faith was restored a bit this afternoon.