I'm not supposed to install it in the first part, but when that component came up, I didn't get an option to not install -- just between compatibility install and full install.
BWP's pdf contains errors so I'd be careful when following all the step-by-step instructions. Also take note that 1PPv4 is bugged and the extended palettes probably aren't worth patching the exe file (curiously, compatibility option is still required for the other components and I haven't noticed any issues with that). I use ShadowKeeper for changing colors and they actually stick upon state loading, so I recommend this method.
I believe the safest way would be to manually install 1PPv2.70 components, as it's pretty much the same content (you won't be installing additional shield and helmet animations, anyway). You won't be missing much and your game will still remain compatible with Item Revisions.