Best dual mod with PS3 SF4 TE stick and xbox360 madcatz sf4 fight pad?

I searched around quite a bit already on this and found some great tutorials, namely this one:

I just wanted to know if that’s really the cheapest and most effective dual mod option for me, also I’ve been reading a lot about imp, chimp, and chuthulu but i still don’t really have any idea what any of them do. Can someone break it down for me? Also I have a ton of electrical/soldering experience so difficulty isn’t really an issue, but time most definitely is.