With the external BB, they are one of the easiest parts to work on with a bike, screw the old one out, replace, screw a new one back in, the Park tool you have selected, and a wrench for the bolts is all you need, should be a 10 minute job.

Wouldn't bother doing anything with it unless the bearing needs replacing, you can tell this as the BB will be stiff / the cranks very hard to turn.