"Update Tool Material" just updates whatever changes you made in the Feeds and Speeds editor into the TechDB. Looking at my Feeds and Speeds editor, there seems to be F/S for HSS. So, this just means you need to set the tool/s to HSS, individually. I've submitted an enhancement request shortly after the new TechDB app came out for Camworks to implement mass editing for a similar reason. Say I want to change all my drills to 135 degree from 118. Gotta do it 1 by 1.
However, there may be a solution that could work for you, but do this at your own risk. The TechDB file is a SQLite database. You can download SQLite Studio and make edits from there. BUT BE VERY CAREFULL and ALWAYS TEST ON A COPY of your database. Don't make changes to number values here as the app does extra work behind the scenes when you do it on the app side. Drill tip angle is one example. If you change the tip angle, the tip length is also changed. Editing the same tip angle in SQLite studio will NOT adjust the tip length. So, I don't do that.
The field for tool material is a text field. It's usually called TmcID. So you can try to edit that field to see if you get the results you want.
Mind you when you open up the database in SQLite studio, you will see about 600 or so tables of data. The actual tool data tables are labled:
in_BORES
in_CenterDrill
in_CornerRounding
in_CounterSink
etc... these are nicely grouped.
The metric equivalents are the same name just without the 'in_' prefix. They are not grouped and you have to hunt and find them alphabetically.
Be carefull when poking around in here and make sure you practice on a COPY of your database and try your changes there. Then just point to the new copy from your settings tab in the TechDB and give her a whirl. Again, always keep a backup of your database!