Hi Nathan,
The choke replaces the 270 ohm 5w cement resistor (it's white and hidden from view) and not the 270 ohm 1w across the cap. I just put it in this weekend and followed this thread:
http://bottlehead.com/smf/index.php?topic=6030.0
Others need to explain the electrical benefits but sonically it is very audible and in my opinion worthwhile.