I would root if it were mine. Not many good apps as it is for non rooted phones. If you use tethering a lot a app that requires root probably is a better option. Rooting is reversible.
I ran foxfi after I got the update on my Maxx HD and the pop up from Verizon to check if I was subscribed to their mobile hot spot came up. It was a no go. If it's the same on the regular RAZR then You'll have to root and do the sqlite editor hack.