It will only help because you'll be able to move your arms around freely. I'd suggest it because there are snug spaces and if you jack it up things will go more smoothly. If you don't want to then don't, it's not necessary.
... or vermilion as they now call it - is it a different shade? My previous ZX3 was Infrared, and people have commented the SVTF's color looks a little different (and nicer). Funny, red was about my last choice when I leased the ZX3 but that was all I could get with my options in the short time frame I needed. After three years I got to really like it and special-ordered my SVTF red ... err, vermilion. And no tickets so far!
Dhananjaya, I just installed mine today. I didn't jack it up at all and it went fine. The only time you need to get under the car is to screw down the rubber mount from the bottom of the radiatoer bracket. Everything else can be done from a standing position.