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First, you'll want 0.5.1, which is here:

https://github.com/BattletechModders/ModTek/releases

Delete the old Modtek.dll and modtekassestbundle files in your Mod folder and drop in the 0.5.1 files.

You should also grab BTML 0.7.0 if you don't have it.

It's here:

https://github.com/BattletechModders/BattleTechModLoader/releases

Go into your Battletech Data/Managed folder and delete the Assembly-CSharp.dll from the previous BTML. Rename Assembly-CSharp.dll.orig to Assembly-CSharp.dll, drop in the 4 files from 0.7.0, run BattleTechModLoaderInjector.exe and you're all set.
 
I'd also suggest you delete the BATTLETECH/Mods/.modtek folder (just the .modtek folder inside). This should help clear any lingering elements of old mods or load orders.
 
Good catch JK, I forgot to mention that. It's good to delete that any time you update or add anything, just to be safe.