Thank you!
I apologize in advance if answers should be obvious,

but:
the firmware on my kobo is 2.5. Does this matter?
Should I avoid sync and updates after installing launcher?
Are the instructions on link in first post all, or is there something to be done before-hand?
Will this erase my books and Adobe id?
If I make a mistake can I return kobo back to original state and try again?
If I pause game/notepad, then say, read a book, when I return to launcher will it remember where it was? Can I reopen and edit notes?