I edited my post to reflect a new version of this mod and posted some updated benchmark scores for UBB 6.5. There are a few changes and bugfixes but the most important new feature (in my opinion) is an option to sort search results by relevance.
Sky, I don't think any responsible admin would start messing with their database without looking for some feedback first

. I have the mod installed on my BB if you'd like to see it in action, and fortunately if you want to try it out there isn't a lot of risk involved. The biggest danger I can see would be if your post table is corrupted when you run the alter table query. Even so, I don't think you'd have to worry about data loss, more likely you'd just end up with corrupted indexes. To minimize the risk, I'd run
myisamchk -r -n w3t_Posts.MYI first. If you don't have terminal access, then I'd run the query
REPAIR TABLE w3t_Posts;.
After installing the mod, if you decide you want to revert to the old search simply restore the unmodified files and run:
ALTER TABLE w3t_Posts DROP INDEX 'B_Subject';
ALTER TABLE w3t_Posts DROP INDEX 'B_Body';
ALTER TABLE w3t_Posts DROP INDEX 'B_Subject_2';
That should get you back to the original state.
Good luck, if you give it a try I'd be interested to hear how it works for you.
-Y