Sounds like you know a good deal about the process. To get your questions better answered you should contact Powerchip yourself and ask these questions.
So far I'm happy with the results and the fact that I have a 3 year warranty on any possible damage caused by the modification gives me peace of mind.
Thanks for the information about the 1/4 mile tracks. It turns out that Old Dominion Speedway is close by and I've heard that they open it up.