I had this surgery about 4 years ago. I had tried everything but the orthodic device, but nothing was working - cortisone shots, meds, exercises, etc.
They gave me a local and did it in the doctor's office. (Personally, I would have preferred to be knocked out, but I'm a big wimp!! You might want to ask them to give you a Valium before if you are uptight about things like this.)
I had it done in late July and was planning a trip to Disney in September. The doctor promised me that I'd be fine within a month. I wouldn't say that one month was exactly accurate, but I was able to go to Disney. I hobbled around and iced my foot at night, but I got along fine.
I was on crutches the first week and kept my foot elevated at work. (I was back to work within 3 days.)
My foot actually took a good 6 months to heal, but am I ever glad that I had the surgery. Getting up in the morning and putting my foot on the floor was always the worst part of my day before I had the surgery. Now I can hop out of bed and can walk miles. I do have some scar tissue where the incision is, but my doctor said this is rare. (Apparently I'm only the 2nd person he's ever seen this happen to.) The scar tissue doesn't bother me though.
Good luck - you'll be glad you did it.