You should just be able to overwrite this one's .dll and such with the new one and call it a day, assuming there haven't been any additions to the actual settings .ini file in the new version (i haven't been keeping track of SweetFX, i've since gone over to ENB :U). If there have been changes, then some manual copying and pasting of the parameters is needed to take advantage of any new stuff, thought i'd assume it'll still work fine without it.
Wow. Slow goings, but this definitely got more downloads than i expected. I was just expecting a couple downloads and that's about it, instead there's over 100 unique downloads, 15 endorsements so far, thousands of views... hot damn.
To answer your question preemptively, no, i don't know exactly how resource-intensive this config actually is, but i'd say if your computer can handle Skyrim normally then i doubt you'll notice anything, maybe a couple frames per second less and that's about it, possibly no change at all if you have a good computer. This config doesn't use a whole lot of effects, and SweetFX is generally less resource-intensive than ENB anyway which is why some people prefer it over ENB, so there's that.
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Tl;dr use the SweetFX toggle key while on the map, then toggle it back on when you're done.