What risks do I run sticking with the Mobo I have?
Minimal overclocking performance, possibly cooking your VRMs. I don't know of anyone that has that board on the forum so I can't speak for how it actually is, but for the price there are way better options, so I've never really considered it.
2 minutes ago, Justinzonfire said:
Can I use one controller?
Yeah, it's all just lighting effects. An RGB header is an RGB header.