Damn good news!!!
I finally got the damn thing upgraded, and no thanks to Amazon or Element.
They were both useless and kept sending me back and forth between support for both companies.
This is how you were able to break the Ouya console startup process when booting and it works for Element Fire TV's as well.
So it's a bit of a hit or miss, but I am pretty confident it will work if your patient.
1. Download the following file and put it on a USB stick
Search for: Version 126.96.36.199 (Build 577224220) and download that file
Throw it on a flash drive formatted Fat32
2. Connect a usb keyboard to your Element Fire TV
3. Turn of your Element TV by pulling the power plug, wait 5 seconds and turn it back on with the remote.
4. As soon as you see the element logo start tapping on your "Left alt", "I "(key) and "Print Screen" at the same time. This will cause a break and restart the system. You will do this several times continuously every time you seem the Element logo. The TV should reboot about 3-4 times, so you should see the Element logo 3-4 different times while tapping the key combination. At some point you will see a screen that reads updating.
5. The first time you come across the updating screen wait 5 minutes and if the progress bar does nothing, it is frozen/stuck. Once again, "Left alt", "I"(key) and "Print Screen" at the same time and it will restart. Once again you will see the Element logo and repeat the key combo routine.
You will then see the 2nd upgrade screen and you should see the progress bar moving and it should complete this time around.
Never restart if it is updating and you see the progress bar moving or your usb is flashing.
Please reply with any questions, successes or failures.