The steel plate is for protection in case your chain breaks, it'll go right thru the aluminum but the steel plate will slow it down enough to save your foot.
IMHO I would leave it alone.
c. Chain never breaks during service = Lighten the bike up.c. Scenario = Play the odds lose the weight.
I think Rktsled is right. This thing probably does dampen noise (if any noise exists) but its primary function is to reinforce the cover against a chain breaking and whipping out the cover from the inside. The steel plate adds strength and the rubber damper provides additional support by acting as a lightweight cushion that will compress and slow down the expansion of the chain rolling up around the sprocket if the chain should come off or break and end up in the front.
But I'm taking the risk. The chance a chain that is properly adjusted and within service limit coming off is very small.
The damper. plate and screws make up over one third the weight of the part. remove the clutch slave and I'll bet that thing is half the weight of the sprocket cover.
Here we see the inside of the cover without the damper. Not much but I can tell you the stator cover on my busa is no stronger. Not much chance of it scraping in a fall and it doesn't actually cover the engine internals anyway. It's just for rider safety and a place to hang the clutch slave and speed sensor. I guess mine will be half as safe now but another 3/4 lb lighter.
Thanks Rktsled and Hub for input.
* Last updated by: Rook on 10/7/2014 @ 6:11 PM *
'08 MIDNIGHT SAPPHIRE BLUE Now Deceased