I'm testing some softer pressure springs, jury is still out for now. As for the 5.4 spring, yes I know numerious who use it, with excellent results. Depends on your weight of course. You may need a softer or stiffer. The stock is a progressive, approx 5.0-5.6. Last years was alot softer.
For the '03s, I run 5wt both inner and outer, with a level of 390-400cc
Its always a good idea to keep your fluids fresh, but you don't need to change it out as soon as you would on your forks. Keep an eye out for oil leaks on the shock shaft seal. I see alot of Showas that leak, even when almost new. Look for any build up where the shaft goes into the shock body as an indicator.