For those not familiar with the process, what installing this entails is taking the PS2 apart, attaching a small board into a certain (slightly inconvenient to reach) location in the PS2, putting the whole mess back together again, and then using a swap disk to actually play the Japanese games.
It took a little poking and prodding before I figured out how to get the whole mess apart. It's surprisingly simple, once you know how to do it. The chip was installed with relatively little fuss.
After that is where the problems began. The long and the short of it is that US games continue to play fine. Japanese PSX games refuse to play at all. After I've nearly scratched two different disks, and after it didn't spin down one of the disks before ejecting it (think high-speed, spinning plastic death -- very disturbing), I've decided not to continue with the experimentation.
At least out of all of this I did find a site where I can pre-order the IniD PS2 game, which is something I was going to need to start looking for soon anyway.
So now I'm looking into just buying a Japanese PS2. Unfortunately, most of the sites seem to currently only be selling a limited edition version, whose main attributes seem to be that it comes in strange, metallic colors and is more expensive. Joy.