I want to update everything except leave the bootloader on 7.1. Will this work?
No it won't work. You have to have a certain version Bootloader for the rest of the factory image to flash. If you don't flash the bootloader then the rest of the image will not install. You can see in the command prompt it will say 'verifying bootloader XXX is installed.' Or something of that nature. If it isn't then it will say which bootloader you are on and the rest will fail. Now I don't think this happens with every update but the ones with significant patches, like the November security update that blocked the exploit, did for sure