Just move the old file to the desktop. Quit iTunes first, don't just close the window, quit the app. You'll be back to where you were 11/14 after you replace the file.
As far as the update, you mentioned that it was "doing some kind of update or review of files." Must not have been a software update then. It must have been updating its database. Maybe it got corrupt for some reason and it was rebuilding it.
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