Before you assign the new X and Y values to the point, just check if they have values.
if row.GPS_X and row.GPS_Y:
else:
EDIT:
Or better yet, use a where_clause parameter to just ignore the null values at the very beginning when creating the cursor.
where_clause = "GPS_X is not null and GPS_Y is not null"
UpdateCursor—Help | ArcGIS Desktop