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Are you looking to remove the smog pump alone or the entire Thermactor system? The pump simply unbolts and the plumbing gets disconnected. The rest of the Thermactor system consists of the plumbing for the fresh air injection. Remember if you remove the rest of the system, you have to cap the air injection manifolds in the heads or leave the check valve(s) in place to keep exhaust from back-flowing under the hood. You will probably see some changes in performance/mileage simply because the carb is tuned to accept the fresh air intake from the Thermactor system. It may or may not be enough to worry about tweaking the carb settings.
I don't normally condone the removal of emissions equipment. However, since I have no idea what the legal ramifications of it are in Canada, I can't really say anything. I will say that a functioning smog pump creates no significant drag in the engine so removal is purely an affectation.