I "just" had my tags renewed in 2010 without needing to pass emissions or anything.
Who told you you can't update the registration?
EDIT: Oh dang I read it in more detail. Looks like in 2015 I will have to get an emissions test...
"To register or reregister a collector's item that is model year 1976 or later, the owner must have a certificate of emission control issued under part 3 of article 4 of this title."
"Except as provided in section 42-4-309, the executive director shall establish a biennial inspection schedule for 1982 and newer model vehicles, and an annual inspection schedule for 1981 and older model vehicles, and a five-year inspection schedule for a 1976 or newer motor vehicle registered as a collector's item."
"To be sold or transferred or to renew the registration, 1976 and newer model motor vehicles registered as a collector's item under article 12 of this title must be inspected and have a certification of emissions control. The certification of emissions control is valid for sixty months."