Its mainly there to help with wheel hop. Nothing will go horribly wrong if removed. Its recommended you get different control arms if you do so.
You might get away with flipping the shock over to get you a little more room.
2013 Mustang GT, Track Pack, Recaro Seats, MT82, GT500 Axle Back, Boss 302 Quad Exhaust, Transmission Bushing Insert, MGW Shifter, Steeda Shift Knob, GT500 Spoiler, MMD Hood Struts, CPC Battery Covers.