The downgrade is the riskiest part. After that the only real risks are if you format your SD card without making backups of the data, and updating sysNAND by accident to 10.5 (but there are things you can do to make sure you're in emuNAND, like looking at the version string, it'll usually say "Rei", "Rx-E", "GW3D", etc., depending on the CFW you're on). When you go to update your emuNAND, make absolutely sure you're on it, go into system settings (DO NOT EXIT IT), and then go to straight system update once you're sure you're on emuNAND.