remove hunk of metal near rear pumpkin?

I have a '90 Mustang GT. I know people have touched on this subject before, but I don't think I've read more than one reply that it is ok to remove this large hunk of metal for a little weight reduction? This piece is right at the front of the rearend pumpkin, near where the driveshaft bolts up to it. It's huge, you can't miss it. I've heard that it helps dampen some of the drivetrain vibration. If that is correct (seems feesible), then you wouldn't want to remove it, right?