It is fairly strait forward, you do need a few tools which you should already have based on the question. an apple spudger would be nice, most often that hard drive ribbon cable is glued to the original drive and care is needed to remove it.
I am not familiar with the exact drive your referencing, as long as it fit the size requirements i don't see an issue. Some SSD's do not perform very well in mac's so this is something you might want to check out.
As far as speed it depends on what kind of work your doing on your laptop. More RAM to keep you out of swap might be a good idea since most programs people use are RAM and CPU intense and not a workout for the hard drive.
Also seagate has come out with a hybrid drive (part SSD and part regular drive). The speed is very good and the cost per GB is much better. I know this is not part of your question but thought i would mention it anyway since good reviews all around for it.
There is a program called carbon copy cloner which is free and works well rather then reinstalling everything. I usually just use a cheap USB enclosure i have to clone the existing drive to the new one. Sometimes you have to reset the PRAM for slow start ups once the clone/image has been done.
Hope at least some of this info helps......