Figured since I was trying this method out I would give my 2 cents on how it went for me. First I have a hardware rev A01 x50v so that might have an effect. I first updated the boot loader during which I had no problems. After that though it would not turn on, load to any diagnostics, or load to the SD image loader. I tried a few things to no effect but then for some reason (still not sure why I even tried this

) but I put the Axim on the cradle without a battery in the unit at the time it did not even have the battery cover on the unit. Then suddenly wireless-power-reset worked. Update went fine

and I reset the unit then put the battery in and the cover on and its working great.
I consider this a last resort but if you have problems with your Axim during this update and are unable to get to the SD image loader you might try to put your axim on the cradle with no battery or battery cover then attempt the update. There are possible problems with this so only do it as a last resort if the power goes out or the unit loses power during this process you might brick your Axim (although this should only brick it if your updating the boot loader but don't risk it if you don't have to).
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PLEASE keep the following in mind when buying x50v charging accessories.
The x50v requires 630mA to charge the 1100mAh battery and 925mA to charge the 2200mAh battery while USB specs say a USB port can provide at max 500mA.