[Verizon Galaxy S 5 Q&A, Help & Troubleshooting] ProudYank:
Success!

Zero 'actual' issues observed when performing this just now with a warranty replacement Verizon Galaxy S5 on NK2 (everything). Literally pulled it out of the FedEx box hours ago, not rooted and w/o SafeStrap and now have a fully functional rooted S5 running Lollipop. VERY impressed!

Achieved root by:

First downloading and installing TowelRoot (but not running it, yet), along with Root Checker, SuperSU and BusyBox (no need to 'run' these yet either, just download and install).

Boot to ODIN mode, then flashing NCG kernel.

Booting back in OS, fumbling about the force closes and lagging UI (as to be expected), finally executing/running TowelRoot.

Verifying root via Root Checker.

Moved onto SafeStrap and ROM install:

Installing SafeStrap, then creating a backup and exporting it to my workstation/PC.

Booted back to SafeStrap, factory reset (wipe) per SafeStrap defaults for factory reset.

Flashed ROM.

Used SafeStrap post-install screen to navigate to Reboot > Power Off.

Booted into ODIN and then flashed OC4 FirmWare (FW).

Booted into ROM for first time (this did take several minutes at the SAMSUNG screen with the rave-like colorful light show), eventually got the desired Lollipop setup screen after about 10 minutes (I took time stamps).

Fumbled around a bit trying to recall how to get back into SafeStrap to install the OC4_Extra_Toggles.zip, elected to boot into ODIN mode and do OC4 kernal at this point, booted back into ROM (VERY quickly I might add, this boot was stupid fast), starred at the screen and started to really ask myself how best to deploy the OC4_Extra Toggles.zip as SafeStrap wasn't coming up thru normal means under the control of the OC4 Kernel, ultimately picking up on the bread crumb trail just a few posts before this one, then applied the lesson by booting into ODIN mode, flashed the NK2 kernel, thereby granting SafeStrap to again be functional (no re-install recovery or anything, it simply picks it back up with the NK2 kernel), then installed the OC4_Extra_Toggles.zip thru SafeStrap, then used the wipe cache/davlik option that is natively presented by SafeStrap as an option at the post-install screen.

Powered down thru SafeStrap, booted into ODIN mode, flashed OC4 Kernel, then the drum roll began again...another 10 minutes later and I now had a new 'Optimizing Apps' screen, (updated from the days-of-yore, Lollipops' screen is bright white for this particular screen).

After optimization completed, the phone has since been sitting/charging, as I have been composing this post.

A quick set of tests reveals:

No issues with GPS (achieved lock near instantly)

No issues placing or receiving calls

Sensors all check out as responsive

4G LTE speeds are what they should be

WiFi speeds are what they should be

Being my daily driver, I will be quick to share any bugs if/when they present themselves.

I too was tripped up by the "follow steps above" reference. BUT, by reading and searching the thread (amazing what that can do), learned this meant flashing BACK to the NK2 kernel (just Kernel, not firmware) to regain SafeStrap functionality, then flashing back to OC4 kernel once done w/ SafeStrap needs.

My hat is off to you BigBot96!!!!

Donations are in order :D