I've searched and found lots of threads with people planning to replace the hood pad, or already having done so- but why? I haven't seen very many other cars with hood pads. What job does it do? Noise reduction? Mine is hanging badly and I am very tempted to just rip it off and not replace it. What dangers do I run if I do that?

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1984 300D Turbo Diesel - 211700+ mileage (now sold)
http://www.maj.com/gallery/Ned/benz/sig.jpg
In any of my posts, it is safe to assume
that I'm talking about this car.