Absolutely painless, but since there aren't many steps online for the latest version of PE4C, here are mine.
Steps
Disable Nvidia 2000M from Device Manager
Remove Nvidia driver from Programs and Features
Remove any other Nvidia software before restarting.
Restart
Enter BIOS. Disable OS Detection for Optimus. Set Graphics adapter from Optimus to Integrated. Ensure ExpressCard is enabled in I/O subsection.
Do not plug in express card yet.
Allow Windows to boot.
Remove all remaining Nvidia software.
Consider running Display Driver Uninstaller.
Shutdown Computer.
Plug external PSU motherboard connector to PE4C.
Attach included 8-Pin Power cord to PE4C. Connect both of the 6-Pin Power connectors on the end of this cable to GTX 670.
Connect HDMI from GTX 670 to computer.
Connect ExpressCard adapter to W520 Laptop
Make sure external PSU is switched on.
Power on W520
Open Device Manager - ensure that Generic Display Adapter is detected.
Install latest supported Nvidia Drivers (368.39 as of 6/17/2016)
Install EVGA PrecisionX 16 for better fan control.
Enjoy max settings and solid FPS in Planetside 2, Metro Last Light.