I have tried and it works. Let me detail it again and then tell you what to do if all else failed.
1. Download the standalone update: Windows6.1-KB974431-x64.msu
2. Download the windowsupdateagent30-x64.exe
3. run the 64-bit new update agent. <- System will reboot afterward.
4. run cmd.exe <- Elevated Command Prompt
5. type sfc /scannow <- Scan all system files and do repairs
6. reboot <- version becomes non-Genuine Windows version.
7. run slmgr.vbs /rearm <- Get another 30 days trial, you have 3 counts.
8. run the KB974431 downloaded .msu package
9. After update, config, reboot, re-config ... Reactivate Windows 7.
There are some homework to do if you're not succeeded in each of this steps.
Now, if you didn't succeed or didn't want to do the homework, now follow the detail steps one-by-one: click the left window corner and type Windows Up, open the windows update window. On the left panel, click Restore hidden updates; if your update failed, you will find the pending update KB974431 still there. Uncheck the box, then right-click and select hide the update.
From, now on, it will not do the update every time at the shutdown, reconfig and fail the update and revert the changes.... This does not get your machine updated which I didn't see any difference yet but at least not agonized by the repeating upgrade and upgrade failure procedures.