I'm a newbie when it comes to this, but I'm looking to try it out and see how it goes.

Is it worth it to root and install a custom version of Android? I don't want to lose any functionality of my phone but be able to uninstall unnecessary apps and get the full capabilities of out my phone.

I have the Verizon Galaxy Note 2, on 4.1.2 VCRAM3. I've looked into rooting but im just scared my phone will be a paperweight, which is why I'm a little apprehensive about it.

Other than the bricking of my phone what are the biggest downsides to rooting/custom ROMs?

Any advice is great, I want to do it, but again I use my phone HEAVILY for GPS, email, surfing the net, games and of course, talking/text.