There is no game save risk there? Makes me a little nervous deleting that.
Well, if you are on the Xbox---not at all. I can't confirm PS3 or PC, because I don't play on either of those.
But I used to do a similar trick with Oblivion on Xbox. You just have to delete the updates, but then after you accomplish the glitch and get as much money as you want, you can restart your console, install the update as usual, and everything works as it should---including the fact that you still have all those caps.
After I did this glitch, I restarted the Xbox, allowed the update to re-install itself, then ran STRAIGHT to the gun runners and bought the newest and most expensive [censored] I could.

I know it's pathetic and cheap, but gambling kind of svcks (even though I got banned from gambling in the Gomorrah for winning 32,000), and I just wanted to see the new weapons.

Trust me, if you're on Xbox, you should be fine. Otherwise... I don't know. The updates are just fixes for bugs anyway; the game should run as it did the day you got it if you delete the update.