Safestrap is based over CWM, so it should be easy to port, but I'm not sure it's currently compatible with M2. You can try to install it, just keep in mind that you'll need to flash a sbf in case something goes wrong.
2nd init is a set of scripts that run on the OS startup, allowing devs to sideload some files, required to run custom ROMs. At least that's what I understood of it while I used it. I can be completely wrong about it. Be careful =P
Flashing a custom ROM is relatively harmless, just keep a nandroid of your original system and you should be OK. Safestrap just automatizes it, automatically flashing safe and unsafe ROMs on your device with a few clicks, safe being the custom ROM, where you can play as you want without harming the original system, and unsafe being the original system, where it's unsafe to tinker with it. Besides that, it's just CWM.
DarkDroid 1.1 (Unsafe) + Hash's ICS Beta 1 (Safe)
Nokia E50[stolen] -> Nokia 6120[deprecated] -> Nokia 6710 Navigator[R.I.P] -> Nokia X6[sold] -> Milestone 2 [R.I.P] -> Milestone 3[gift] -> Galaxy Note
Rest in Pieces