Bios Mods -The Best BIOS Update and Modification Source

When i try to run this through CMD it reports following error: Error 8727: Firmware update tool failed to get the firmware parameters.

Try the same with FWUpdLcl from ME System Tools v7

Quick update on this situation, firmware updated successfully and I did all the steps you mentioned but to no avail. I wasn't able to POST with the new CPU (E5-2687W) sadly.

Show new results of MEInfo

Then make DOS USB-stick (e.g, by Rufus), download and unzip all files for the modded version of CHECKUP7 to this DOS USB-stick.
Boot from this DOS USB-stick and make a photo of the screen with results.

Intel® ME code versions:

BIOS Version: SIX7910J.86A.0650.2014.0307.0138
MEBx Version: Not available
Gbe Version: 1.3
VendorID: 8086
PCH Version: 6
FW Version: 7.1.80.1214
UNS Version: Not Available
LMS Version: 10.0.25.1048
MEI Driver Version: 10.0.27.1012
Wireless Hardware Version: Not Available
Wireless Driver Version: Not Available

FW Capabilities: 0x00100440

Intel® Capability Licensing Service - PRESENT/ENABLED
Intel® Dynamic Application Loader - PRESENT/ENABLED

Cryptography Support: Disabled
Last ME reset reason: Power up
Local FWUpdate: Enabled
BIOS Config Lock: Enabled
GbE Config Lock: Enabled
Host Read Access to ME: Disabled
Host Write Access to ME: Disabled
SPI Flash ID #1: EF4017
SPI Flash ID VSCC #1: 20052005
SPI Flash BIOS VSCC: 20052005
BIOS boot State: Post Boot
OEM Id: 00000000-0000-0000-0000-000000000000
Capability Licensing Service: Enabled
OEM Tag: 0x00000000
Localized Language: Unknown
Independent Firmware Recovery: Disabled

Creating a bootable USB right now.

Attaching image from the DOS bootable USB with CHKUP7.

https://imgur.com/a/vckky7p -- couldn't attach the image for some reason
https://imgur.com/4dImfIbhttps://imgur.com/a/vckky7p
https://imgur.com/4dImfIb

OK. Now download this file, rename it to PEP.DAT and copy (with replacement) to your DOS USB-stick.
Boot from your DOS USB-stick and make new photo of the screen with results.

Attaching image, it apparently updated the microcode.

https://imgur.com/a/K7V2wHV
https://imgur.com/KT55NXXhttps://imgur.com/a/K7V2wHV

Good.
Now make a screenshot of regedit with expanded key HKEY_LOCAL_MACHINE\HARDWARE\DESCRIPTION\System\CentralProcessor\0

Screenshot attached buddy!