IMHO, you don't have to replace your stock tuareg.el.
1. Place your patched tuareg.el to ~/.emacs.d/ directory
2. Add the following lines to your ~/.emacs config
(add-to-list 'load-path "~/.emacs.d/")
(load "tuareg")
3. (Optional) byte-compile your custom tuareg.el
M-x byte-compile-file
Stock tuareg mode
Tuareg mode with lwt patch