Lapping is quite easy and does make a good change to smoothness and maximum traverse speed. Accuracy doesn't change.
I would allocate about 2 hours for the process. It's also wise to get the correct supplies in hand before you begin. I use several grades of sandpaper and a machinist granite, but other people like lapping compound. I like the sandpaper because I can use it easily with the machinist granite. I go upto a 1500 grit, (Overkill and then some) but I like to make them shine like glass. 800 grit would be perfectly fine.
Mind you, lapping is completely optional. For most people I would say you wouldn't notice much benefit.
Direction, Commitment, Follow Through