Can I remove this part when I do my next oil change... nothing wrong with it except for the chipping chrome which is why I'd like to remove it.

OR, does this part have some kind of spring loaded gear that will shoot out or get messed up if I remove this. Also what is the name of this part?

 

Dude, please buy yourself a service manual for your specific model and year bike. Get em used on Amazon or ebay and save a few bucks. No,do not remove that cam cover until you have a manual, terrible things will result.

 

Timing cover. If it’s all original it should be riveted in. It holds the ignition inside. Drill those rivets out and replace

 

The little cover with 2 screws is where the timing used to be set... Can you take that off, sure but it will look like dog sh*t without the cover.
The big chrome panel covers up the cam support plate, cam chest, cam chain with the tensioners, and that is where the oil pump lives. Taking that off would not be a very bright move unless you have one to replace that one with.
I think you need to take it to someone who knows Harleys and have them remove and replace that whole cover.

 

Those are not rivets but little allen wrench screws at least that's how they look to me.

 

Stop

The engine in question is a 1987 Evo.

 

OP: the small round cover is the ignition cover, nothing will explode or fall out if you remove it, the ignition sensor (cam sensor) is underneath.

The larger chrome cover is the cam cover, all kinds of things under there, and since you asked, removal is a bit involved. You need to do a little reading in the service manual to get an understanding of the guts inside the timing cover (cam, lifters, breather gear).

You asked a smart question...we can talk you through the process of replacing this cover, as long as you have a service manual and a bit of mechanical experience.

 

You can also install a nose cone chrome cover to hide the peeling https://rover.ebay.com/rover/0/0/0?m...2F122855714801

 

Don`t get pissed but...

I`d rather have a beat up looking cover on my engine that put something like on it, that is just plain tacky.

 

Wasn’t for me, so I can’t be pissed lol
it was option for the OP