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Not likely to affect performance if it is gone, but it is illegal in most states to remove it.
Long time ago, I had one clogged, and I just broke out the innards using some rebar and a hammer.
Gutting and leaving it is the best bet, as said, in states with inspections/emissions tests. If that isn't a concern, cut it off and put your choice of exhaust on it. Either choice will improve the sound and make it run better, with more power and slightly better mpg.