Hi there, I just did the exact same thing you plan to do: I bought 40A O-Rings from wasdkeyboards.com and put them on my Blackwidow.
So far I've only put the rings on the keycaps for the letters, not the other ones (so my enter key, spacebar, etc. are still "undampened").
Which brings me to my next point: Get the wired keycap puller, not the plastic one!
Because the plastic one will only allow you to pull the "normal" keycaps. It will not help you for the odd-shaped caps like the enter key, spacebar, shift key, etc. So get the wire one.
I'm happy with the result. I bottom out when I type, so the rings help with that. What remains is the click-sound of the blue switches. It's still louder than a rubberdome keyboard, but I think it's much better without the bottoming-out-noise.
So far I haven't seen the problem WhiteFireDragon described, but maybe I will encounter this on one of the keys I haven't equipped with O-rings yet, I don't know.
In any case, if that happens: Not pushing the O-ring all the way in is not a solution since it will be pushed in all the way if you want the keycap to sit properly. Otherwise your keycap will stand out. The only solution I can imagine would be to use sandpaper or something to make the keycap shorter.