I have a Gigabyte GF2 MX and I want it to run faster (Obviously).

If I were to update the BIOS for my graphics card, would it make a difference and would it be worth it ?

Not really, unless you got a hacked bios that increases ram/gpu mhz speed or enables fastwrites or something.
Most Video BIOS's today don't do much as it's all done by the drivers unlike in the old dos days where the bios set pretty much everything on the card.

No, it doesn't make any difference. I have a GeForce3, and I succesfully edited the BIOS to enable fastwrites and sideband adressing (and I enabled these in the BIOS and in the drivers too), and it gave me ABSOLUTELY NO performance-increase.

Plus you risk wrecking your card if the flash goes wrong, so don't worry about the BIOS.

Cool, thanx