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It should be fine, the bottom bracket that it comes with will fit into the bike in the same way as your current square taper one. Be advised that the one it comes with is cheap as, and will need replacing fairly quickly with a Shimano one, which luckily are easy to get hold of and also cheap/durable. The on-one crankset it s a great one, I've had them for about three years and its never had a single issue
I've got a really similar question actually. My commuter creaks like a bastard - currently running a cheapie stronglight crankset with mismatched left hand crank arm on a square taper BB. Was thinking about switching that up to an external BB with something like this from PlanetX... https://www.planetx.co.uk/i/q/CSOOTC/on-one-external-bearing-track-crankset
So like you I'd like to know if it's any good - doesn't need to be amazing, but needs to be stiff enough for silly commute races and creak-free.
If you're changing the chainset, you'll need to change the chain and rear sprocket too - otherwise wear becomes uneven and it all feels a bit shit. Probably won't slip if you don't but you might as well. Pretty cheap, but you'll need a few tools too:
Crank extractor (if you're square taper) or shimano BB tool (if you're external).
Sprocket tool
A Big Spanner
Chainwhip
A Big Allan Key
Chain breaker