Hey John,
When you booted after safe mode, you didnt mention whether you got any sort of black and white "DOS" boot screen before windows loaded up?
If you can see ANYTHING (text, press F11, Press DEL for setup etc) before windows starts and you see the logo, then I think you have a driver issue with the last update which probably caused the blue screen of death.
If you can see anything on boot up, then the screen should be OK, if you can, then press F8 during power up to get the boot loader screen and select "load last known good configuration" and see if this helps.
I saw a few posts regarding BSOD after updates and this could be one of those instances.
Good luck with it.
Cheers
Chris
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