I had mine put on a few months back and as far as I can tell you'll need to do drilling in order for the front lip to hold. When I got the part it also came with a bunch of screws and when I talked to my body shop tech he said they had to drill into the bottom of the front bumper so yes, drilling is required.
Can't really answer your question on paint as that part I believe uses adhesive so it may be possible for you take it off and not damage the existing paint, though you may have a hell of a time getting the sticky stuff off of it.
There's also a thread started awhile back which provides the full instructions for the M-performance aero kit install. it can be found here if that helps
http://www.f30post.com/forums/showth...nstall+details