Probably be more noise, but more importantly I think you'll cook your hood paint.

Also the gaskets around the electronics by the firewall rely on the hood pad being there to make a good seal.

The car is designed to have the seal... if you're having overheating problems, I'd find the source of them and fix them rather than taking that step.

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1992 300E Sedan (Sold)
1999 E320 Wagon (Sold)
1995 E320 Sedan
1995 E320 Wagon