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Sure, although I'm definitely not an expert!
Nope. Presuming the usual PC consideration of being able to access/remove the processor easily enough. But you need to pick a processor which is as compatible as possible: you don't want to end up with an unsupported CPU.
Current list of recommended processors here:
http://www.tonymacx86.com/building-customac-buyers-guide-september-2015.html#CPUs
I might have to tap you up with a couple of questions about my hack if it ever bloody arrives. Quick q, cpu upgrades much hassle?