Updating Pulse is really easy.
From e.g. Pulse 5 > 5.0.1 you only need to upload the core files. As your content is separate to the Pulse files you can update without impacting your site.
Please upload all Pulse files except for:
- template (folder)
- content (folder)
- pulsecore/storage/ (folder)
And it should work without needing any further setup or installing again.
If you've made any customisations or added tags/plugins into the "inc" folder then you'll also have to factor these in.
Also please take a quick backend before hand too, just incase anything goes wrong and you need to rollback.