If firmware is the issue, then yes replacing the compact flash with a good firmware image will work just fine. To make sure the firmware is the issue, turn the printer off and remove the network card if one is installed and also disconnect the printer from the computer if directly connected. Turn on the printer and see if it comes to the same error message. If it does you still may have an issue as it may not let you upgrade the firmware since most times you have to be at the ready prompt to load the firmware and if this is the case, the the compact flash may be your only option.
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