It'll definitely take some juevos to cut off the leather boot, but given that Metak has blazed the way, I feel a lot more comfortable doing it. Having previously owned an E46 ZHP, I can't tell you how much I miss the shifter from that car. I'm excited to tackle this project this weekend.
Btw, for those of you who are nervous about doing the work yourself, you can buy everything you need from LeatherZ. They sell the illuminated ZHP shift knobs, leather boots, and even the base trim ring. Obviously, the more you do yourself, the more money you save. Andy and John are great guys and will take care of you.
Metak really has it covered in this thread, but I can take and post some pics from my install this weekend if it would be helpful.