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They want to know if I charge hourly or a flat fee, and what it would be. What do you think a reasonable price would be for this considering it's a one-time update so I won't be charging an ongoing fee as most update threads on here seem to suggest. The work really probably won't take more than an hour or two.
Everyone charges differently and some folks charge ongoing update fees, others don't. It all depends on your particular business structure and what is working for you.
It sounds to me like your client is merely looking for a cost so I would take the higher end of your estimated time multiplied by your hourly rate and offer them the estimated cost.