You can upgrade the BT to 4.0 by replacing the card, there are plenty of walkthroughs for this available. There's even a software tool that ensures the new features are recognised by the system. It's been tried and tested by many who've upgraded their older Macs to support Handoff and Continuity in Yosemite.
The question is, is it possible to upgrade to 4.2 instead of 4.0?