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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
you can take it off for now, but if you wanted you can get one off of another 94+ gt for about $50. i wouldnt get one from earlier years though, they arent as thick and wouldnt make that much of a difference.
replace it, it won't be nearly as strong as it should be if you weld it! you need it for safe driving on the street to help control the wheels in turns and over bumps and stuff.