I second zz's post. I removed mine when i swapped the engine only because i was waiting on a turbo....Now that i'm stilll waiting on it....I wish i would have put it on. There is A LOT of heat going against your radiator and all the wires in that region. The AC wire, the Ground that goes to the side of the engine, ect. Also, the radiator hoses get the heat too. Lets draw a mental picture. Old rubber + extreme heat = loss of durability or melting.
I agree that you should not remove it. The #1 reason the tfi module fails is over heating due to it's proximity to the exhaust manifold. Removing the shield will just make it worse. I know the new tfi module has been redesigned to cope with the heat already present but, I don't know if it can take even more heat.