Wirelessly posted (9000)
Yeah, do the os upgrade. It takes only 20 mins to do. Well worth it. Go up to at least .216 if you want an official version.
As for the hotspot, you get into the hotspot browser under bookmarks (scroll up)
Keep in mind that wifi stuff will also likely be upgraded in the os.
So much has changed since the phone was released...its in your best interest to do the os