Well after researching how TFTP works, and playing around with this a lot, I finally got it working. I think my problem was a Permissions issue. However, not completely sure exactly what did it for me but here are a list of steps that I went through.
MAKE SURE TO BACK UP YOUR CONFIG FILES PRIOR TO UPDATE
Go to link at the bottom of the first post and download the attachment: BCS460.bin (Remember where you save this file to, we will use it later. I saved mine to my downloads folder.)
http://forum.embeddedcc.com/viewtopic.php?f=11&t=2730
Go to link and download TFTP Server, its free:
http://www.macupdate.com/app/mac/11116/tftpserver
Install Application, but no need to run the Application yet! We will come back to it after a few more config steps.
Once installed, Go to System Preferences>Security & Privacy>Firewall>Firewall Options>Click +>Select TftpServer (If your firewall is turned on this will allow TFTP to receive request from BCS.)
I REMOVED TFTP SERVER FROM LIST ONCE UPDATE COMPLETED
Right-Click Finder>Go To Folder>/Private
Right-Click tftpboot>Get Info>Sharing & Permissions>Change ALL to Read & Write
Grab the file that we downloaded earlier titled "BCS460.bin" and move it into the tftpboot folder.
Open Application>TftpServer
Current Path should be set to /private/tftpboot
If it is not click in Current Path window and type /private/tftpboot
Then click Refresh Button at top of App window.
You should now see the file titled bcs460.bin listed within the window.
Also note the ip address that is to the right of current path window. This is your
HOST COMPUTER'S IP.
Verify that Working Path Permissions and Parent folders permissions both have a green icon. If not click "fix".
Then up top left click "Start TFTP"
Now proceed to your browser. (I used Chrome)
Type the ip of your BCS.(If you dont know it there is a helpful iphone app called Fing.)
On top right proceed to Settings>Firmware upgrade>then type host computer ip address.
After a few minutes I refreshed my browser and was greeted by the new 4.0 UI!:rockin:
Don't forget to go and remove TFTP from your Firewall Options!
Thanks to everyone who contributed!