So, I did the 1.4 update on my own. Ran into a problem. This might help anyone else out there trying to upgrade Magento on a Shared Server.
It can be done, however when manually upgrading the file permissions are not set right. So, it will break your store. You will get a 500 internal server error. looking around on the magento forums and discovered that you need to have SSH access to quickly find the proper php files to chmod file permissions. If you have looked at the file structure of magento there are alot of files to go through. With that said, manually changing each file in an ftp client will be tedious and not really recommended. Not only that, figuring out which files need to be changed and what permission should be given to the files isnt clearly described from magento.
If you have dedicated IP with ssh access you can give it a try.
Guide is here:
http://www.magentocommerce.com/wiki/groups/227/installing_magento_via_shell_sshWould be great if Lunarpages just included the update in LPCP though make life easier for us all.
Thanks,
Paul