No, as stated below.
Place the contents of SD1 on ONE card. You should have only 3 things on the one card:
Firmware (folder) plus all the content of the folder
Update (folder) plus all the content of the folder
CARDINFO.cif (file)
Put the card in the unit and update.
Remove the card.
Reformat the card (FAT32, default allocation)
Put the contents of SD2 folder on the card.
Put the card in the unit and update.