My mechanic suggested I remove power (the belt) from the smog pump compressor and combustion chamber to reclaim some HP. He left the belt off and it seems to still be running fine. However, I've found a lot more info on these forums that suggest I might want to disconnect and cap/plug the exhaust hoses for those devices. Is that something I should do, or be worried about doing soon? Is there anything else I need to be aware of regarding this change?

Further info:

Engine 7.5L V8 460
Combustion chamber E5TE-CC
Smog pump E5TE-DB

 

You should remove the piping and plug the ports if you can. I have seen some guys cut the pipes and pinch and weld them with success also. The latter might be the best option because on a 20 some year old head, the fittings are usually rusted in so bad that they would break in an attempt to remove them. If you don't remove them it won't cause huge issues, but could lead to an exhaust leak through the tubes or pump eventually.