So I went through with it and did the SP1 Update for SCCM 2012 Config Manager.
These are the steps I took, However I downloaded the guide from Microsoft click here for the upgrade planning guide.
First thing first Check for a successful smsbackup
****don't start unless you have a successful backup*****
C:\program files\Microsoft Configuration Manager\logs
Check SMSBKUP.log
Look for the following below:
SQL Backup task completed successfully.
Backup completed - Mon Apr 29 17:37:19 2013 SMS_SITE_BACKUP 4/29/2013 5:37:19 PM 4372 (0x1114)
I'm running SQL 2008
So the supported version