A clean install is certainly not a bad idea, but as long as the computer is running well, then a clean install probably isn't actually necessary. The MacOS is still better than Windows at some things, and long-term stability is one of them.
Did you order a complete kit with the processors? In that case you are all set, just follow the instructions carefully if you haven't done these before. I've done about 5 of them recently, with almost 20 still to go (for a school), and it's not difficult or tricky, but you do have to be careful. Drop one of the chips into a socket accidentally? That could easily kill your system. So go slow, use care, and you'll be fine. I see you've already updated the firmware to the 5,1 firmware, so that's great. Oh, and last thing: If you haven't installed processors before do follow the instructions regarding the thermal paste (or whatever solution your kit come with - the most common is a paste), and don't use too much! Look up some YouTube videos if you want. Oh, and a second last thing: Your kit may have delidded chips, or it might have "normal" chips with the lids still on them. If it is the second option, then you also go through a process of modifying the power-connectors for the fans in the heat sinks and then installing washers so you can get the heat sinks to seat properly. And a third last thing: Don't forget to replace the thermal strips too. Hopefully you got a kit with all that stuff.