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I do suggest such an action. The IGC will add numerous asspects to the game and allow you to play many more countries. While it can not provide you with Eu2 it is a good substitue. It greatly improves game play.
I suggest you copy your entire EU folder and set up a new one, which you can install IGC upon. I do this for every mod I have installed thus I dont have to fear the new erases any older...
Basicly, IGC allow you as a player to set several parametrars (nations, tax base ec) without you having to edit the game itself