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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.
It is supposed to help with the dampening of the driveshaft movement and what not I believe I have thought about removing mine and seeing if I get any problems but I havn't yet. Now that you say something I just might do it tonight while my car is in the garage.
just leave it. it doesnt weigh much and is out of the way of everything no reason to remove it. all it does is make the ride a little more comfortable by reducing vibration
i was looking at the weight reduction thread and thats where i got the idea of removing it, but i thought i should ask first if i would go into any problems removing it, by reading other threads that piece weights about 10lbs