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Yea you can remove it without breaking anything. All it does is add the ctrl+shift+h hotkey for overclocking/cooling profiles that are part of Nvidia System Tools. Removing it from startup won't affect your graphic card at all.
System Manufacturer/Model Number Custom Built OS Windows 7 Enterprise x64 Service Pack 1 CPU Intel Core i7 920 Motherboard ASUS Sabertooth x58 Memory 6GB XMS3 Corsair 1333MHz Graphics Card ASUS Nvidia Geforce GTX470 SLI Sound Card ASUS Xonar DX/XD 7.1 Monitor(s) Displays Dell 24" S2409W + Dell 20" E207WFP Screen Resolution 1920x1080 + 1680x1050
Keyboard Logitech G11 Keyboard Mouse Logitech G5 Laser Mouse (2007 edition) PSU Corsair HX850 modular Case Coolermaster 690II Advanced Nvidia Edition Cooling Zalman CNPS9700-NT Cooler, 3x 140mm, 2x 120mm Hard Drives 1x 120GB OCZ Vertex 2E, 1x 750GB Western Digital Caviar Black, 1x 1TB Western Digital Caviar Green Internet Speed 100Mbps Other Info LG Blu-Ray player