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@skinny
If it's not affecting shifting, which it wont being frayed after the securing bolt. I wouldn't bother changing it. Dammit will give you a glare, but if it ain't broke.
You could do it in 15mins. It's simple.
You shouldn't need to adjust anything. If you've barrel adjusters, turn them back in. Then feed the new cable through, screw the bolt tight and see how it shifts.
http://www.youtube.com/watch?v=38vdA5OOBxI
http://www.parktool.com/blog/repair-help/rear-derailler-adjustments-derailleur