Install it if you have a lot of time. It took me week to config it and month
for rewritting scripts.
YMMV of course.
My first mod_perl installation took less than a day. If you're familiar with compiling Apache and apache modules it shouldn't take much longer than that. Tuning may take a bit longer and depends on the application.
All the code I was interesting in running under mod_perl ran immediately under Apache::Registry or Apache::PerlRun. No script rewriting necessary. This gave an immediate and significant performance boost.
The code had no automated tests so it took a couple of days to verify that it was working correctly - but that had nothing to do with mod_perl.
The time taken to rewrite scripts to be "pure" mod_perl handlers depends on the scripts themselves. If you have a good modular code it can be trivial.
Adrian