I just did a pair of MG 1 (improved). As mentioned already, the staple removal is the biggest pain-in-the-ass. Once that is done, the rest is not that hardif the 1.6s are similar to the MG 1s in re-socking. Arm yourself with a staple removing gadgeta sort of L-shaped metal device I found in my wifes office.
When you staple the bottoms, make sure first to cuf off the excess fabric, then staple one side of the fabric at a time. (Observe the way they have it before removing staples and then the above comment will make more sense.) After, cut off any excess fabric after stapling and put the speaker back together.
The new socks slid on perfectly over mine with very even and strong stitching on the side joints. Trust me, youll feel like John Cameron at the Oscars after you finish the project.
[Warning: When you remove the old socks, youll be tempted to touch the ribbons lightly and wonder how all those great sounds come out of something so...well...ordinary looking. Dont do it, the Genie doesnt like it!