Buffalo provides Data Recovery services. Read about it here.
You cannot update the wrong version. Try the 1.21 and see if it can find it.
I tried 1.21. It couldn't find anything to update just like 1.07. I wonder if I'm using the right settings for the IP address, default gateway and DNS servers?
Do you have it directly connected or on your network still? If the unit goes into EM mode then Nas Navi should pick it up. PM me your settings and I can go over them and see if there is anything wrong.