I assure you we have tried this already.
Our firmware shows 1.31 as stated in my original post.
We can not run anything with TSUpdater as I mentioned when we try to we are getting a "please enter admin password" prompt, which does not accept any of our passwords, or the default "password" password.
We've reset the unit several times, and the admin password never resets to default - the IP address does though.
I am unsure if the interface checkbox for "not reset admin password" was checked as we are locked out of the web interface as well (won't start)
I feel this INIT reset button is poorly designed. There should be a way to HARD reset the entire unit no matter what configurations might have been saved.