Before worrying about firmware, check that these disks aren't readable in another Mac running the same operating system. I'd want to find out if the reason it isn't mounting certain CDs is because they were burnt a non-standard format, or are made a non-standard thickness, size, or are copy-protected, or of poor quality and worn out as these articles show that these drives can be particular about what they will mount:
http://docs.info.apple.com/article.html?artnum=58641
http://docs.info.apple.com/article.html?artnum=106882
Mac OS X can only read certain UDF formats, ISO 9660 formats, and all Mac formatted CDs. And the quality of the media may also be in question. Many disks are not made from the standard dyes of Verbatim, Imation, Kodak, or Sony, and have been written up as wearing out quicker on
http://www.macintouch.com/cdrfailure.html
In addition, thanks to those articles, I don't write on the label side of the disk and only buy media in jewelcases and use the inserts of the jewelcase to tell what's on the disks. It may be overzealous on my part to take all those precautions, but I only do since others have experienced issues when not taking all of them.
If none of those appear to apply, and the disk is readable in another Mac running 10.4.2, maybe I'd consider the firmware, but I'd only run it after verifying others have run it too without any bad side effects.
http://www.xlr8yourmac.com has a good database of drives and what people have done with them on Macs.
Good luck!