Dear Zukh,
1. Currently, neither ArcGIS Desktop nor ArcGIS Pro can perform time-dependent datum transformations. We are currently working on functionality in ArcGIS Pro only to implement fixed-epoch 14-parameter time-dependent reference frame transformations. Fixed-epoch here means that the epoch of the transformed data will match the epoch of the input data. At a later stage, we will implement "intraframe transformations", which will transform data within the same reference frame from one epoch to another. At this stage, we cannot say at which release of Pro we will have this new functionality, as there are a few challenging software design issues that we must resolve to accommodate this new functionality.
2. Unfortunately, I think you cannot update ArcGIS v10.4 with the latest EPSG datasets. However, please confirm this with Melita Kennedy at Esri: mkennedy@esri.com.
Kevin M. Kelly,
Geodesist, Esri