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I am a newbe with my truck so I havn't really gotten into the large horsepower fixes yet...but I do like to keep it clean. While cleaning my valve covers on the 351w i slipped and hit a hose that goes to the smog pulley... I've heard that its not needed and wonder what would be neccesary to take it and all it's components off.
I wouldn't do it if you live in an area where they do visual inspections along with emissions testing. Even if it passes the emissions, they could fail you for removing the equipment. If you don't have the visual inspections in your area, enjoy the cleaner looking engine compartment.
Whatever you do, DON'T remove the air injection check valve(s) or find a way to securely seal the holes left behind by them. Depending on the model year of your truck there are as many as two of them. One of them in line in the hose from the pump to the catalytic converter. The other is in the crossover pipe behind the upper plenum of the intake manifold. This one is right below the main wiring and vaccuum harness for the engine compartment and removing it exposes those harnesses (and the engine compartment) to hot exhaust coming back up from the cat.. I had this one snap in half on my 92 XLT and it melted the wiring harness and the plastic vaccuum lines. Not a pretty picture.