89 Shadow engine/crank balancer

I race an automatic 89 shadow with a 2.5 and no turbo. In the oil pan is a big hunk of iron and I have been wondering what it is, to find out that it is the engine or crank balancer. Well, since it is a racecar, that has to be sucking up the horses to turn the chain for that thing. So, is there anyway to get rid of it and still have the car run like as if it had it in? As long as it wont hurt anything and I can take it out, please let me know. Thanks

Andy Giles
05 American Flyer
Motordrome Speedway