Upgraded the Java version installed on my machine to ver 6, update 2 tonight. I still had the older update 1's folder and files on the machine so the directory structure looked like this:
C:\Program Files\Java\jre1.6.0_01
C:\Program Files\Java\jre1.6.0_02
I ran Java Portablizer v1.1 to update my ..\PortableApps\CommonFiles\Java files and it worked no problem. The program picked up on what was the latest version installed, copied the files, and updated the contents of JavaPortable.ini
Good work John! (I guess I was expecting it to choke on that setup...)