ULTRAFXR/Red,
Yes to both. You have to drill two small holes in the inner fairing to mount the holder and run the wiring through to connect to power. ( I have mine on the switched side so it goes on when the ignition is turned on and off when turned off. As for modifying the dash pad, I took it to an upholstery shop and they charged me $40 to cut it and re do the leather. The good news is if you ever wanted to go back to stock, you can buy a new dash pad and it will cover the holes. I really like having the RD where it is, as it is easy to see/hear when it goes off. It is also protected a bit by the windshield, but not obstructed. It also comes off pretty easily when you need to park and leave the bike. Hope this answers your questions. Let me know if you have any questions.