Doing (1) will (a) reset the Oak for Serial programming (run program in slot 0) and (b) keep the Oak optimised ESP8266 core, and you'll be doing serial programming instead of the OTA programming via Particle. You don't need to install the ESP8266 core at (2) as this is what the Oak core is based off - all you'll be doing is switching from OTA programming to Serial programming.
If you skipped straight to (2) without doing (1), I'm unsure what would happen, as I haven't tried using the stock ESP8266 with an Oak - I suspect it would work, with the only real issue being GPIO pin numbering would be different.
Pete