Yes, you got that right. Wipe EVERYTHAN, flash Kernel, run update from recovery.
However, be aware that the FXP117 Kernel is broken. You'll need to use the FXP115 Kernel. (Because FXP116 is broken, too.)
What's up with the lack of updates? No changes on your google code page?
Please tell me you're not gonna leave us hanging.
Also, does anyone know of a way to easily update the ROM? When just updating the ROM, it somehow ****s up a lot of things. Any way to fix that or do I really ALWAYS have to wipe everything?