simply repeating what i picked up with the time on the forum, so no guarantee here. (just trying to help

)
Anyone know how long it usually takes for friedcat to transfer shares to another address?
from my experience with auctions transfers took usually 3-7 days (i recall reading that friedcat works off requests once a week)
Anyone know how I can update my wallet address for ASICMiner direct shares?
i don't know if that's what you mean with update, but if you plan on changing wallet address of your shares writing friedcat pm or mail sounds like the simplest approach.
(perhaps a signed message from your current shareholding address is needed for verification)
other users have probably more concrete info about these terms...