That's almost exactly how I did mine... After installing it, took it for a quick spin and it was like a whole new motor. Only the slightest hint of backfire ever showed itself and everything seemed more responsive through the range of throttle application. Definitely worth it in my book.
I'm installing mine right now. Got the tank off, stairing at how little room between the airbox and injector plugs their is to work. It's enough to consider stopping there and ordering a Lloydz intake and heading to Lowes for a cable saw. Jeeez this is going to be a beeeeyatch to get two little plugs connected.