Well just try it, if the Acer Installer does not allow you to do it, then it wouldn't work (I doubt that it would work since your phone isn't a Liquid E Ferrari). You can also find a .bin file for a Liquid E Ferrari ROM and flash it using the Acer Download Tool (instructions above) if you want (though I do not think that there would be many benefits over GEN1 aside from cool Ferrari wallpapers).
As far as SIM lock goes, the only Liquid Es which I know for sure are SIM locked are the Canadian ones (ones purchased through Rogers/FIDO). You should be fine (but I am not 100% sure). Maybe it is something which you could ask Acer customer service if you do choose to go there (or call them).