Chosen Solution

Is it possible to upgrade the bluetooth capability in my 2009 Macbook pro in order to take advantage of the new Handoff feature in OS X Yosemite?

At this point in time the answer is no. Apple’s installer reads the system ID so it won’t install the needed services. The work to get to the AirPort is quite a lot just for this feature: MacBook Pro 13" Unibody Mid 2009 AirPort Card Replacement, I just don’t see it happening.