Is this update still needed or desired with the latest FSDT update??? Not sure whether to install it or not with the latest update.

This is an optional AFCAD file that adds more parking and slightly more accurate parking locations, however it isn't necessary. Just make sure if you do use this one to save and remove the one that comes with the scenery called AP_KDFW.bgl so you dont have duplicates.
Also Dennis posted a newer one a few days ago here:
http://www.fsdreamteam.com/forum/index.php?topic=3493.0You can always try them and if they dont suit you just revert back to the default version. The latest default FSDT version is here in case you haven't gotten the latest:
http://www.fsdreamteam.com/forum/index.php?topic=3359.0Ahhhhhhh...... cool... thanks!!!