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There is always some risk when soldering a mod chip into your PS2. If you've installed a mod chip into your original Playstation, you will find it a little harder to install the modchip into your PS2, but not much.
As far as the swap trick, the only risk is that the ejected disc that you will swap with (usually the PS2 utility disc) will be spinning when it is ejected. Therefore, there is some risk that it will get scratched.
However, you can use a CD protector which is applied to the data side of the disk you will swap with (again, usually the PS2 utility disc). Fellowes is one such company that sells CD protectors.
My experience has been good so far with my modded Jap PS2 and a CD protector applied onto my utility disc.
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