Quoted from herg:

It will. LED OCD is more effective on standard LEDs (not non-ghosting) as monkeyboypaul says, but you will get improvement with nearly any type of LEDs.

LED OCD controls the lamp matrix (mostly inserts), while Gizmo smooths GI (under slingshots, other plastics, etc.). You can use either by itself or both together.

Actually, there is an XML file included in the software download that can be imported. The drop down is only for mapping lamp numbers to specific names per game. I'll help you get fully up to speed so that you'll be able to take over the company after completing the "National Treasure" hunt when I kick the bucket.

True, it is very subtle. I actually designed GIzmo for my TRON first (start ZUSE, then hit the spinner), but I would say it shows a bit nicer effect in IM. I don't really know SM well enough to comment on it.

altan has the correct answer here. You first need to determine if there is a problem with the game, then move on to troubleshooting the LED OCD if necessary. It's possible that one of the transistors on the LED OCD has failed, but no more so than a stock game. More commonly, a short under the playfield can cause this.