You don't need to format your SD card.I haven't started yet, should I format my SD card first before doing this? I already backed up the necessary files. I already skimmed through the guide and will report back if ever stumble upon problems.
I can not stress enough, always make backups! Make NAND backups, make SD backups, make backups of backups. There's no such thing as too safe when you are hacking your system. And with boot9strap, those backups are the most important thing to have if something goes wrong.
Once you feel confident enough, have at it! If you get stuck, don't hesitate to ask first. It's always safer and easier to prevent a problem over making one.