Ok, so it turns out that the BIOS updaters mentioned above do not run under Windows 7. I managed to get 0zcn32ww.exe to run by booting from a partition I created based on Windows 8.1 ADK. Both BIOS and EC were updated successfully. Furthermore, the installer also provides the files necessary for a DOS-based update in the installer folder it produces (C:\BIOS\ by default - not to be changed since the update process requires a reboot, the boot drive defaulting to drive letter C: ). 0zcn26ww.exe unpacks the files, but WinFlash64.exe, which it in turn runs, produces an error announcing that it is not compatible with the currently running version of Windows. I produced a batch file named WIN32.bat, which replaces WinFlash64.exe in WIN64.bat with WinFlash32.exe, and was able to flash to the older BIOS by running it instead of WIN64.bat, which the installer launches by default.
Funny how these installers are placed in the Windows 7 section of the laptop's support page. I must say the support page is a mess in general. Lenovo really needs to clean it up.
Cheers :)
Edit: On closer inspection it seems the flashing process takes place within BIOS after the reboot, so the location of the files does not seem to matter in that regard. Also, 0zcn32ww.exe does not unpack the files required for flashing under DOS as I incorrectly stated. It's 0zcn26ww.exe which does this. I have attached the content of the folder it produces for anyone else who might like to use these files.