I've done it.
The extra CFM helps for sure on the highway, but at the expense of gas mileage it seemed.
Bypassing the water choke is easy. Use a straight barb connector from the plumbing section of your favorite hardware store, and join the two hoses together and hose clamp it.
Figuring out the vacuum hoses can be tricky, but if you live in a non-smogging state, then I'd just use the simplest diagram possible from the Haynes manual.
