The ECU will freak out, have fun.
TOgether the ECU and IACV do all the idle control, including compensating for atmospheric pressure changes and temp changes. You can use a bypass port but every time the weather changes your idle will be different. You're reverting back to one of the most annoying problems with carburators.. THis is cool for a race car, but a pain on a street car unless you keep a constant hig idle.
I would relocate the IACV, not remove it. There's nothing to say you can't put it somewhere else as long as you size your lines correctly so it can still flow properly to do it's job.