Welcome to the club.
Pretty sure you need 5.0 - the colordmd website will have the requirements. I installed the colordmd in mine recently and love it.
To answer your earlier questions, here are some suggestions:
1. If your game has regular batteries, install the NVRAM. Not worth the chance of ruining your boards with battery acid damage.
2. Consider installing cliffy’s. I put them in mine (except the shooter lane - see below) recently as a precaution. Replacement ramps are reportedly hard to find and/or expensive. But, as Lermods noted, these may not be needed in a HUO environment, except the shooter lane. I didn’t install in my shooter lane yet because I couldn’t get the apron off. That is on my list after a trip to the local hardware store. Also consider protecting the Itchy and Scratchy hole with a clear plastic protector - I got mine from pinbits here on the forum.
3. Consider the couch weld fix. I had no issues but put in as a precaution anyway.
4. Consider putting in playfield plastic protectors. I got mine from indypinhead here on pinside and they fit perfectly. I put these in as a precaution as well - my plastics were all original and I didn’t want to take the chance of breaking one. I think the replacement plastics are hard to find and/or expensive.
5. Probably should buy a few extra VUK forks. See post 5071 above.
There are a ton of mods you can add as well - depending on you preferences - such as Moe’s Tavern, duff beer can, kwik e mart sign (lermods sells them), donut shooter rod, side art, speaker box decals, itchy and scratchy tv (sparky here on the forum sells them along with other mods - the tv is on my buy list), and a bunch of others I am sure I am forgetting.
Enjoy!