Can this brick your phone/void your warranty? Of course it could! I wouldn't be posting it on XDA if it couldn't! 
Here's a method that should work for any brave souls. It's the method I used so far.
My understanding is this update only makes the required patches to allow the command fastboot oem unlock to actually unlock the bootloader. That being said, I do not know for sure that this is not specific to my phone's IMEI. If someone would supply me with the file/link they get from using adb shell logcat > ota.txt while checking for updates, then grep ota.txt | ZDMLog (if you use linux) or do a find for https:// in ota.txt it would be useful for this verification.
For microSD card method:
Take this (Thanks DrakenFX) or this file and put it in /sdcard/, making sure extension is .zip
Enable OEM unlock from the settings->development menu.
Reboot phone (or boot phone) while pressing volume up. This will get you into stock recovery. From here, apply update from SD card, P996A01B20Fastboot_ssl.zip
No microSD card method:
This may also be possible without an SD card using the adb sideload option in stock recovery and "adb sideload P996A01B20Fastboot_ssl.zip" on your desktop. If you are successful using this method, send me a PM so I can update this post.
Now if you reboot into bootloader (which you can do right from recovery), you will hopefully find that "fastboot oem unlock" actually brings up the bootloader unlock prompt on your phone.
You should be able to verify to this point as per below.
Without using the fastboot oem unlock command I have not lost any user data (but it's still a good idea to back it up!) If you do unlock, you will lose your data!
So as it stands right now, if you do this, you're not going to get further updates from ZTE, unless they change their stance.Just be aware that once you unlock, you won't get anymore OTA updates at the current moment, and there's not full factory images to fall back on. They will still try to push OTAs if anyone does this bootloader unlock method, but they will always fail due to version checking.
Here's a method that should work for any brave souls. It's the method I used so far.
My understanding is this update only makes the required patches to allow the command fastboot oem unlock to actually unlock the bootloader. That being said, I do not know for sure that this is not specific to my phone's IMEI. If someone would supply me with the file/link they get from using adb shell logcat > ota.txt while checking for updates, then grep ota.txt | ZDMLog (if you use linux) or do a find for https:// in ota.txt it would be useful for this verification.
For microSD card method:
Take this (Thanks DrakenFX) or this file and put it in /sdcard/, making sure extension is .zip
Enable OEM unlock from the settings->development menu.
Reboot phone (or boot phone) while pressing volume up. This will get you into stock recovery. From here, apply update from SD card, P996A01B20Fastboot_ssl.zip
No microSD card method:
This may also be possible without an SD card using the adb sideload option in stock recovery and "adb sideload P996A01B20Fastboot_ssl.zip" on your desktop. If you are successful using this method, send me a PM so I can update this post.
Now if you reboot into bootloader (which you can do right from recovery), you will hopefully find that "fastboot oem unlock" actually brings up the bootloader unlock prompt on your phone.
You should be able to verify to this point as per below.
Without using the fastboot oem unlock command I have not lost any user data (but it's still a good idea to back it up!) If you do unlock, you will lose your data!
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