Help with some Wii updates and softmod please

Hi, I have a wiikey (v1.9g/s - not sure) that I installed a year ago and i've been out of the loop for the past 8 months! So I find out there's a softmod and wondering about some details:

1) Can I just install the softmod directly on top of what I have already?

2) Is there any risk in me updating to the latest Wii Firmware (worried that nintendo may block you if there's a chip/mod or that it might disable some games)??

3) Can I play online or is it forbidden if one has a chip/mod?

Thanks so much guys, I'm so confused at all these new developments!!

 

1.) Yes
2.) Not sure, highly doubt it. Haven't read about such a thing
3.) You can play onine

 

if its so simple, then how comes I've read a few reports of bricking??

 

That would be people not following the directions or uninstalling important things when they screw up and think that will fix it...