I wouldn't just cut the wire. You don't want to constantly have your torque converter un-locked. I have mine wired to a switch. It is useful if you go to the track, once you hit 3rd gear. Otherwise, I wouldn't keep it un-locked for long periods of time.

I've done both mod's in this thread. The torque reduction mod is nice, but after driving a while, the car won't go past 5k RPM's, and therefore doesn't shift hard anymore. So I have to manually shift the car when I use this. I keep it off most of the time, because if I turn the switch back to normal, my car still shifts at 5k and I can't downshift via pushing the pedal.

The lockup mod however was nice. You just have to be going 70+ give or take to see any results. Oh, and you will want an aftermarket cooler for this one. I ran it after my stock cooler. I would take pictures, but it's dark, and I don't have a camera, lol. If no one has come up with any by tomorrow, I'll try to get a few up.

Edit: I might try to get a few pictures of other things too, and make writeup's with pictures for these two mods, even though they are pretty easy. Pictures might help out some new people.