Whenever you do a change on the HMC (software update, hmc config, server/lpar config, whatever), perform a "backup critical console data"! That way you can build an identical hmc from recovery media + the "bccd" dvd-ram you just saved.
A "bccd" saves to dvd-ram all the files which have been changed since the install time of the HMC. If you upgrade to a newer version, make a bccd of the previous version and put that in a safe place together with the recovery media of the previous version. Don't start using the dvd-ram for "bccd" of the newer version just yet.
There are some prereqs and some mandatory updates on new HMC versions, so make sure you have all the necessary dvdroms or cdroms. You can download 'em, but I generally order 'em from the website (free of charge). Plan ahead and read thru all the readme's and install guides!
And yes, you can always recover server/lpar info from nvram on the servers you manage from the hmc, but you have to get them connected/logged in to the hmc first. So take note of the info provided by others in this post.
HTH,
p5wizard