I don't see why it wouldn't work. You should be able to do that upgrade with the stock bios.
this post was submitted on 31 Dec 2024
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I believe the 4702 is the recommended cpu for power and cooling reasons:
https://seiba.gitlab.io/thinkpad-t440p-upgrade-guide/
I am unsure as to why there would be any compatibility issues between cpus. New cpu does the same thing as the old, but faster.
Libreboot just replaces the stock BIOS firmware with a Coreboot distribution version. The contents of the flash rom. Things like WiFi cards, keyboard, multi-touch trackpad, usb ports, Ethernet, SD cards readers, etc. could be affected by a new firmware. I mention SD card reader because mine didn’t work on the T440p when I installed Libreboot, but hey, that’s a compromise I guess.