We are currently experiencing delays with our email service, which may affect logins and notifications. We sincerely apologize for the inconvenience and appreciate your patience while we work to resolve the issue.
Yes, you will want to do a wipe. (You don't HAVE to, but it is HIGHLY recommended that you do).
See the Guide in my signature for how-to on backing up apps and data. Once you're rooted, having to wipe really isn't a big deal.
Also, if you're not completely familiar with installing ROMs, check the stickies on the top of this subforum -- there is a great guide on how to install ROMs as well.