It only adds Install package files as of now but it does not allow the running of backups. What Wutangrza has done is created his own CFW with peek/poke allowed which, in turn, allows the backup managers to run.
If you're going to install it however, it's suggested that you install GeoHotz's CFW first, then 'upgrade' to OFW3.55, go into recovery mode and upgrade to Wutangrza's, and finally upgrade via XMB back to Geohot's.
Finally I'd like to add that I followed the process above on my 160gb Slim and it worked like a charm
Yes, if you know how to code one, or edit for this matter, you can write it up and sign it with provided PC GUIs, all assuming you've followed the steps to enable peek/poke through Wutan's CFW.