1. No, nothing bad should happen.
2. Copy ONLY the full command line, not the Press RETURN.
/System/Library/Frameworks/ApplicationServices.framework/Frameworks/LaunchServic es.framework/Support/lsregister -kill -r -domain local -domain system -domain user
After you copy the command line to the Terminal THEN Press RETURN. Wait for the Terminal prompt to reappear. You can then quit the Terminal application.
I do not know if "None" will return or not. Normally all document files have a default application associated with them. Applications do not because they are, well, applications. Unknown file types may not have an application assigned or may be assigned a default application based on its content even though it may be the wrong default application.