The deal with the LW-HMET is that it requires 2 9v batteries, a resistor, a new input jack, and if you get the full set, which is about $160, you have to replace your pots and selector switch, and since you have a bronze warlock, the routing space is REALLY small, so it's better that you just go with the bridge model so you don't have to fuck with getting the pots to fit, it's even kind of a pain in the ass to get both batteries to fit in that tight space, but it's well worth it. I would recommend that you take it to a professional to have it installed, unless you are good with electronics, and working in tight spaces.
Also, I do think that an external EQ would be somewhat helpful in shaping your tone more how you want it, but keep in mind that the combination of the LW-HMET and XMM will give you the most INSANE mids you've ever heard. What you would really need a good EQ for would be bass, so you can get that heavy bottom and a badass midrange punch.
NOTE: The LW-HMET distorts on clean
If you would like, I can send you a clip of high gain with the live wire, although I don't have the XMM anymore and I currently use a really shitty *BC Rich* practice amp, with windows sound recorder.