Exactly what I did to my LT and loved it. On trips it was better for me to have the rack and the rear seat as I could haul lots more stuff in 40l and 50l bags.I took mine off and it makes for much better handling with the lighter weight. I put a black rack on the rear in its place and am quite content with what storage I have.
Not sure I could get used to the Beverly Hillbillies look.Bought the Ft. Worth rack and installed on my LT....and I will go on record now and say that the top case will never go back. Can't believe how much of a difference it made in the handling of the bike especially at slower speeds.
It also make a difference when you go on extended trips. This past summer took a 5 week tour of the New England states and packed up 2 dry bags and a small collapsible cooler and away I went. The 2 dry bags and cooler weight just over what the top case weighs on it's own.