I find the ML forums and wiki page just a little user unfriendly.
I understand that and recently mentioned it to the devs, suggesting a "what does ml actually do for me?" page - they simply don't have the menpower to beef up the wiki, actually the team consists of one main dev (alex), maybe 3 people hacking and then another 3 submitting patches now and then...
... so the bottom line is that ml is great, mostly self-explanatory but you have to be willing to put some time into playing with the options. But in newer builds you can hide things you don't need so you never see them again, so in your case just enable the movie menu with the "restart recodring" option.
But installation is really easy (there seems to be a video for the mac: http://magiclantern.wikia.com/wiki/File:HOW_TO_INSTALL_MAGIC_LANTERN_ON_A_MAC_AND_UPDATE_MAGIC_LANTERAN):
1. update the camera fw once with the ml firmware, this only sets the loader flag in the Canon fw
2. enable the boot flag on the/all cards that should have ml
3. copy the ml files - mainly autoexec.bin - to the/all cards.