I don't like mine!

It's become all sad and droopy from heat and moisture and now interferes with my throttle body, breather filter, and battery terminals.
Now, what I want to know is, will anything bad happen if I remove it?
Is it there to prevent the engine heat from peeling my paint, or to deafen the sound, or both? I mean, if I take it off, will I find a bare metal hood in a few months? I don't really think it's necessary because my heat never even reaches the half way point, and sound has never bothered me. My Dad's Honda (lol, yes Honduh, and a Civic at that!) doesn't have it, and all looks normal.
I want it off because a. I want to stop the interference mainly with my T.B., b. Let some heat escape easier, and c. Cut the car down a few pounds (every little bit helps). Please help...I know it is a newbish question, but I don't to mess anything up.
