You can choose one FW version based on release year and perform update. In your case you can update to 4.00.00.000 -> 4.40.40.40 -> 5.00.00.00 -> 5.10.10.00. It is recommended to have both iDRAC and BIOS in sync while updating so you can update BIOS also along with each iDRAC update.
I have a few PowerEdge R440's running iDRAC9 v.3.21.21.21 and I need to upgrade them to the latest version of 5.  Can anyone point me in the direction of an update chart or path that shows the different versions I need to upgrade through to get to v.5?   Thanks!  
iDRAC 9 update path