The only thing using an external BEC does is isolate any external loads. But no one knows exactly what is causing the BEC to fail. Is is overcurrent? Is it some voltage spike thing? Maybe just an IC reliability issue totally unrelated to current or voltage.
The mod is fairly easy to do, but there is room for problems. It can be done with an less-than-ideal iron, you just have to make sure you don't create any solder bridges or unsolder adjacent components with the heat.
The surface mount ICs have some sort of adhesive aside from the solder connections. So, breaking apart the ICs may be easier, but also increases the chance of wrecking a nearby trace if not careful.
In my case, I removed the components in the following order mostly due to ease:
1: Desolder the fan connector.
2: Cut the small leads connecting the coil itseld to the connections leading to the PCB. Then, remove the leftover leads.
3: Desolder the two FETs. If your iron is not small enough to do this reliably, you can break apart the two FETs, and then desolder the little leftover legs still attached to the PCB. Clean as much extra solder off as possible to avoid bridging to nearby traces.
4: Desolder the 8 pin IC (10 pin on the V2). Again, if your iron is not small enough to do this reliably, you can break apart the IC, and then desolder the little leftover legs still attached to the PCB. Clean as much extra solder off as possible to avoid bridging to nearby traces.
5: Desolder then external switch wires. The switch can't be used anymore, so it's not needed. Simply bridge the solder pads where it was connected. This will make it "on" all the time. This needs to be done, trust me.
6: While you have the MMM apart, make some foam padding to protect the rest of the ICs from the case. Cut a strip of 1/8" thick foam and place it over the 3 motor solder connections. Cut two squares of foam and place it over the 2 power solder connections.
7: Reassemble the case.
Below are some pics:
V1 MMM showing components to remove:
V1 MMM showing mods completed (switch bridge graphically altered because I didn't have an actual picture):
V2 MMM showing mods complete (courtesy of Joe Ling - slightly altered for size):
A little schematic showing how the external UBEC could be attached: