If installing a 68mm cheetah will my Hot+2 work or will i need EFI Live.

Your PPE will work but EFI will really bring out its true character.

Although EFI will probably work better Dan or Joe at PPE can modify your PPE tunes to comand more boost for the cheetah. I would ask Braden what the desired max boost is for the modified turbo and call PPE and see what they can do for you.