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should i update my ps3 to 4.40 cfw
and can i install 4.40 cfw on 4.30 rebug?

No don't update.

why??

Edit: Update if there's a stable one.

1st..if you are on dex then you cant install a cfw..need convert back to cex first..and 4.40 of rogero is stable..i have test it few days..down/upgrade without any problems..v1.02 have bugs..but v1.03 i dont see 1...

ok i'm on rebug 4.30 and i can go online is there's risk for doing this? like banned my account or console?

Yes. There's always a risk to getting banned!