Well, as long as the circuit is correct, it will work, and then it is completely safe.
ALWAYS be sure to make a backup of what was originally in the LCD EEPROM before over-writing it with something else. That's the most important thing really.
I have a bugged, bad, screwed up lcd which i used to test on - which of course was much easier since it is of no value if something goes wrong.
The Quaser electronics board does look like an alright solution - but it will not work with the ponyprog programmer, due to the fact that the lines are inverted. ponyprog can take into account for the inversion, but i'm still not 100% certain it will work.
The supplied program only works from clean DOS it seems, which could be irritating, since you'll have to reboot if you need to tweak something by the phoenix editor.
I don't know about the ultrabay serial/parallel bay, but i'd assume it would work - especially since thinkwiki says they are native
PonyProg is actually very easy to use - then again it does not have the many features of software which is supported by a real burner - like a labtool. But it's completely free.
When PonyProg2000 is installed, launch it - and
1) Setup -> Interface Setup... -> Choose Parallel, EasyI2C I/O, LPT1
2) In the main window, click the first drop down box, select I2C Bus 8bit eeprom. In the second drop-down box, select 2402 or 24XX Auto if you want.
3) Setup -> Calibration
4) Backup the original EDID: Connect the connector to the LCD and connect the 3.3V power supply. Select the first (leftmost) icon second row in the main window of PonyProg2000. The data is loaded from the EEPROM.
Go to File -> Save Device Data As... and select a name (choose .bin extension).
5) To open a new EDID (or any bin) you just click the second icon from the left in the first bar of icons.
6) To write when a bin is open in the window: Click the second icon from the left in the second row of icons.