I can't imagine that they'd have an update so your saved game files wouldn't work but I am not an expert.

I sincerely hope not. I updated my Dead Island copy with the latest patch today. My file was corrupted, but the patch was able to fix it. Unfortunately, a lot of my progress was gone after the fix. Thousands in cash gone. All my weapons gone, and various quests were completely unplayable.

Here's hoping Bethesda don't make the same mistake as Deep Silver with this sort of thing.

I have never experienced any quest bugs, only texture bugs where textures get absurdly muddy and dont revert back.

You can continue, but a buggy quest may remain that way if you already triggered the bug before the patch