Hi,
The 4.0.3 definitely has it. Not the 3.1.1 I think.
To check if the version you have has it, edit your custom field via the menu Display>Custom fields and check if you have the email display options there.
If not, then you don't have them.
Updating from any version to any other version has risks, especially the more you customized HikaShop views and CSS, the more it's possible that something will go wrong.
However, since HikaShop 3.0.0, the updates should go much smoother, but there is always a risk.
I would personnally recommend to first do a test on a copy of the website.