I always do that first thing when I get the bike home. Never had a problem. Pro's, looks better, con's supposedly it will do something the help your belt.
The lower belt guard has the scale in which to measure deflection when checking/adjusting tension. It also can prevent debris and stones from fugging up your belt and pulley. Not a good idea IMO
I have taken off the belt guard on the last 3 bikes. NEVER had a problem with it.
Pros- You can see your $2000.00 rear wheel and pulley.
Cons- You have to guess at the belt adjustment.
Take it off, it's ugly...... Even with the chrome cover, it's just ugly.....
My belt guard's off and I drive in gravel everyday. I took em both off, upper and lower. I like looking at the belt. Buddy of mine has a Buell that took his off a few years ago. Nerry a prol'lem.