I tore the fascia that holds the peroneal tendon in place in a skiing accident. I would suggest that you see a specialist on your options.
I went to Dr. Pierce Scranton in Seattle. In my case, he said that the snapping causes 'wear and tear' on that tendon and over time.... and cause further injury to that tendon.
The surgery I had was fairly simple. He opened up the site, 'scored' the bone, and used a couple of surgical 'cork' screws to hold the torn fascia back in place.
Recovery wasn't too bad... a couple weeks in a removable cast, and then some PT.
I'd suggest you find a doctor that has performed the procedure before. In my case, Dr. Scranton has written articles on the subject. I'd gone to another doctor that didn't know much about it, so finding Dr. Scranton was a godsend.
I also found the snapping caused some instability in my ankle and was annoying! It'd snap over even when I did things like applying the brakes on a car.