Thanks for the prompt reply David. Can you provide more info on the entire process?
On the first screen, should we click on Build Profile Now or Start Customizing based on Profile? Essentially, we want to turn on gzip and I understand that EasyApache is the way to do this? An detailed info on how to do this would be greatly appreciated!
Click on "Start Customizing based on profile." Then keep clicking "Next Step" until you get to Step 5. Then on the Step 5 screen, click "Exhaustive Options List" and check the box for mod_gzip under Apache (if you're using Apache 1.3, if you're using Apache 2.0 or later, it will show as mod_deflate). Then click "Save and Build" at the bottom of that page.
EasyApache will then verify that the configuration options don't blatantly contradict one another and perform a dry-run. Once it has compiled Apache and PHP successfully in this dry run and ensured that it is functional, only then will it replace your existing Apache installation. This should only result in a second or two of downtime.
If at any time the build process fails, your existing Apache installation will remain intact. However, you should submit a support ticket anyway so we can determine what caused a build failure since build failures are rare.