OK I finally got the download CD to work. The issue was how I was burning it. Initially I just made a burn folder and dragged the downloaded file to it and burned. Apparently there is a special way to burn an ISO file to CD on Mac.
MacOSHints had the procedure that worked for me.
1. Insert a blank disc.
2. Start Disk Utility.
3. From the File menu, choose Open Disk Image and select the ISO to be burned.
4. In the list of volumes, you will now see an item representing the ISO file. Select it.
5. Click the Burn button and follow the instructions.
After that it was as simple as placing the update CD in the Blu-ray tray and waiting for it to update. The player scanned the disc for about 10 minutes then updated for another 10. Now I'm all up to date and ready to rock n rolll and can take my tiem learning how to do this through eathernet which I'd guess is much simpler.