I would have thought using the 346.96 drivers would depend on the card you had. It used to be that using older drivers was better for the older cards and only use newer drivers for the newer cards.
I must admit I'm lazy when it comes to testing driver specific versions, I only change if I read somewhere that a specific driver is better or if what I'm getting doesn't match what others with similar hardware are achieving.
I only really test whether Windows or linux (ubuntu) is faster for cpu/gpu projects.
I do know that getting a video card to work (crunch) with Ubuntu can be 'fun'. [For 'fun' read 'I'm going to smash this into pieces if it doesn't work soon']. In the same vein, upgrading a ubuntu system is also likely to cause 'fun' trying to get it to work again so I avoid doing that.
I have found many sites saying, just do this and it will work, only to find it doesn't. The original link you gave looks like it should be straightforward, it even offers to let you choose the version of ubuntu and provide specific commands.
Is it the install you want to know about or those specific drivers for GPUGrid ?
I can't help with the latter.