Wugs is a good way to do, so is the sticky from Cyber. They both work great, so read through the instructions and use whichever sounds easier to you.
As far as tethering, you can use the free wifi tether app or some of the ROMs have there own. To my knowledge, verizon does not see this. I only tether every once in a while when I need to use my pc and have no internet access. I would say that if you want to use it to watch videos all the time and you're downloading tons of data, they might wonder why/how.