I'd be wary of upgrading the SPP whilst still running 6.5U3 as very few people will have tested this combination and you don't know what bugs you may find, you'll get very little support for 6.5 if it's believed to be related to the firmware upgrade.
My recommendation would be to incorporate it into your upgrade process, as mentioned best practise would be to totally re-provision the ESXi host due the partitioning scheme changes.
So process would be
1. Evacuate VM's from host
2. Apply latest firmware
3. Install new version of ESXi overwriting original, remember to use the HPE OEM version to get all the extra HPE VIB's etc.
4. Patch ESXi with latest updates