This is my first keel stepped mast and mast wedges are a new concept for me. Have been sailing without them installed-am I risking the rig? should I install them and if so, How do I do it so as to not crimp the mast?
I would say YES, you are risking the rig in a blow by not having the wedges installed. There is a previous post about the boot that has a little info. Pete and Dale had a bit to offer on this there. http://www.pearson365.com/forum/index.php?topic=1400.0
There are also some pictures on the waterboot.com web site. If you are a geek and like the math, look up the Euler column buckling formula. It's the equation for predicting when a column in compression will buckle. The column length in the denominator and is squared. It's a big oversimplification, but if the don't wedge, you have effectively added 8 feet or so to the column.
There is a product called "Spartight" that takes the place of wedges. I have no experience with it, so can neither recommend or not. They have a web site and there are some videos online about the installation.
Rig rite has some info on the boot and collar on their site but you have to scroll down a lot. http://www.rigrite.com/Spars/SparParts/Mast_boots.html