I would assume your talking about the Formula Hood, it was also used on the 82-84 Trans Am. As far as the functioning of the hood in 82 it was an option, 83 & 84 it seemed to be pretty standard equipment to have a functioning hoodscoop.
All Formulas from 1987-1992 the hood is for decoration (besides it looks great!!

)
By removing the blockoff plate you will force more air into the engine compartment, Not a bad thing really, but it would be harder to keep it clean. Also you will get more water under the hood, especially when driving, since that is a high pressure area.
IF you decide to remove it you may want to take a piece of sheetmetal and screw it to the underside of the hood where the insulation is at the hood scoop. it could pull down over time because of the extra wind coming in.
John