Calling for electronic experts - Altering firmware

[riotshield]

TC Electronic Flashback x4 is a great delay/looper but its looper functionality could have been a bit better. For instance there is a one shot switch that does not retrigger the loop when you press, just makes it stop once it reaches the end. People are hoping that these issues can be taken care off in the next firmware update but doesnt look like it.

So, my question would be if it is technically possible to alter the firmware so as to make it work as someone would desire. If people hack iPhones why not this? Having no knowledge at all on this I decompiled the FW file but could not make much out of it.

Does anyone have any thoughts on this?