So I went ahead and applied the patches. Seems like the modules are now activated, so I can confirm it works.
I went "options spree" and activated everything I could (check the picture attached). Power Meter -Option 600- hangs the device during boot, so I went and dig a little and find out I need am extra hardware module, it can be installed tough (I saw a few on eBay).
The GPS fix seems to work (at least it didn't crash or hang the device). But I'm not sure how to test it. If I go to and try to do the time base adjustment, it won't allow me (I press start and it doesn't do anything), maybe I need to have a GPS fix before activating?
So I noticed a lot of people here had some Linux difficulties, so whoever is trying to patch the elgato in the future, in either device version please read this:
I did run into a problem when I was updating elgato via FTP (which as curiosity detail it means "The Cat" in Spanish, I assume the guy is obsessed with cats, hint: check at the password), somehow after rebooting it will get stuck on the Disclaimer section (I got a little white). I was lucky to spot during the boot sequence the words "not enough access privileges elgato" So I typed on my telnet terminal "ls -l" and I noticed the Linux permissions were not set correctly:
-rw-r--r-- 1 root root 5224820 May 31 20:12 elgato <------Patched
-rwxr-xr-x 1 root root 5224820 May 27 14:35 elgato.original <------Original backup
I easily fixed it by giving the same file permissions and allow for execution, so type this from the same folder the elgato file is located (via telnet):
chmod u+rwx elgato
chmod go+rx elgato
or all at once (I didn't try it):
chmod 755 elgato
If anyone wants to learn more about permissions please go here
https://www.pluralsight.com/blog/it-ops/linux-file-permissions Then I reboot and problem solved.