However being the caution person I am, is they're anything at all I should do or know before I root, such as google wallet problems? Backups, dangers. risks with the nexus 4. (for instance, what is that Red light of death about?)
Also, how should I root if I'm running android 4.3? I tried to use the nexus 4 toolkit but it only supports up to version 4.2.2.
The only actual dangers are you void your warranty and theres a small chance you could hard brick your device , but very unlikely especially with Nexus devices which tend to be a little more open . To be safe, create a backup before you start just in case which can be found in your recovery settings.
Next read this thread : http://forum.xda-developers.com/showthread.php?t=2018179
This XDA thread is a very good tutorial on rooting your device and it will work on every verision because it is done through adb which is built in into the Android SDK. And if anything does happen, there's all kind of help in the thread to help you work through your issues.
I forgot to mention that I would wan't to be using Paranoid Android, and the recent build to my understanding is a hybrid of 4.2.2 and 4.3. So you have to install the radios yourself and only a few kernels work. Any advice on this.
Well , to be on the safe side, you could always flash over to the stock verision of 4.3 from Google if you're worried about that.
The image can be found here : https://developers.google.com/android/nexus/images#mantarayjwr66y
All the information about Paranoid Andriod's latest rom can be found here: http://forum.xda-developers.com/showthread.php?t=2020336
As well as tutorials on installing the rom and reviews and whatever you need. Also there is a radio in a thread as well, so you must wait to check that out as well.
Okay, I installed the version of superSU the tutorial linked, but I guess it was outdated because when I try to open superSU it says binary update needed, so i clicked continue and it says "install failed." So I tried to update it though the store and it says no binary is installed when I try to open it. So I went into setting and uninstalled the google play update. I do not have CWM perminatley installed yet.
Nothing. Supersu doesn't update like other programs on some devices. Download root checker from the market and run it. It will tell you if you are rooted or not.
One last thing, everything seems to be working but when I go to the reboot system now setting in CWM, it says root could be lost. fix? If I click the "go back" option once this is prompted the phone will reboot like normal.
Should I click fix, or just ignore it like I have been, because rootchecker says I'm properly rooted and I can give apps Super User permissions.