I wouldn't say upgrade. If you develop your techniques to remove and eliminate oxygen and improve on your recipes to enhance hop character then you won't see them get dull nearly as quickly. And no matter what you do those hop bombs are better fresh.
On the other hand Sierra Nevada's Hop Hunter comes to mind. They say they extract the hop oils on site of picking and use them all year long. It's a great IPA and this might be a fun product to play with and use. Similar to playing around with hop hash. Which reminds me I have 4oz of I need to use.
A waste of money? I don't think so if you want to experiment with it. But a quick fix for poorly brewed or managed beer? No. only practice and experience will fix that.