I don't know how many of your questions you have answered yet..... but I feel the need to try to answer as many as I can for you.
1.
Updating your BIOS so that a Z68 Motherboard can handle Ivy bridge: In order to do this you do not need to replace the BIOS chip. All you need is someone you know with a Sandy Bridge CPU or a workshop with a Sandy Bridge CPU that you can use.
Once you have a Sandy Bridge CPU you can use.... then it is a matter of installing it. Turning on the computer. Flashing the BIOS with a USB Key Drive or a Floppy Disk. Then Uninstall the Sandy Bridge CPU Install your i5 Ivy Bridge and away you go.
For directions on how to Flash a BIOS ... just Google it or look in your Motherboard User Manual. If you still are stuck PM me and I will point you in the right direction.
To get the Sandy Bridge CPU: Either call a local repair shop and see if they have one that they will allow you to use. Or see if they will do the flash for you. Worse comes to worse.... buy the cheapest used Sandy Bridge CPU you can find. You should be able to find a cheap i3 or pentium for less then 80 Bucks.
2.
Removing the Heatsink: I used to own this Heatsink..... all you have to do is loosen the nut underneath the Heatsink (On top of the CPU). Next take a screw driver and loosen the rest of the screws like you would the bolts on car rim. (A little at a time in a criss cross pattern).
Next remove the little Standoff/Nuts that hold on the back plate. (You will have to turn them a Half turn and then pull them straight out) Last remove the backplate.
3.
Component/Motherboard Anti Static worries: Motherboards are really well made most of the time. Just like anything else in life they can be damaged. I can tell you that.... I have been building computers for a long time and I am pretty confident that I have never killed a Motherboard from a Static charge. However even if you did.... you would never be able to prove if that is what happened or not. I also can tell you that I have never always been the most careful when it comes to anti static protection either.
I will mention that I am also a Quality Engineering Specialist which works for a large Server manufacturer. Part of my job is to worry about things on the manufacturing floor like Static discharge. I will give you my honest opinion.... while yes it is important to be aware of Static discharge..... as long as you are grounded by one point you don't have to worry about it. So if your son is going over board.... you can tell him one ground is fine for what he is doing.
In terms of transporting the motherboard in a Anti Static bag.... yes this is important.... especially if you are going to return it to the manufacturer. They will not accept it if it is out of the Anti-Static bag.
Switching gears... Motherboards/Components are fragile. But they are not so fragile you have to handle them with gloves in a rubber room either. Like anything expect it and you will be fine. But at the same time.... they can take some abuse. (Don't go overboard though remember it is an open circuit board)
4.
Replacing the BIOS chip: Like I stated above there is no reason to replace the motherboard BIOS chip. A flash is all you need. To replace the mother baord BIOS chip you need special stuff. But if you have already tried and the chip itself is already cracked. All you have done is waist money and void the motherboard warranty.
Sure there are places out there who can replace the chip for you.... but honestly you would be better off buying another motherboard. If this is the route you have to go..... since you have a Ivy Brdige CPU..... buy a Z77 motherboard. The Z77 motherboard has the chip set specially designed for Ivy bridge and it will not require a BIOS flash to work out of the box.
Last once you get this motherbaord thing fixed. Report back..... so that we can give you an idea on how to correctly assemble your new PC. It is not hard and you can do it.... I promise.....(LOL Plus there is no cutting or soldering involved to assemble one I promise) You just need someone to show you the correct way.
Sorry if I am too late..... I hope you have already got your questions answered... if not I hope the stuff I listed above helps. Good luck
BTW Just wait till your son gets into water cooling then your in for a real treat
Help him figure out that one