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.
My Computer
Computer type
PC/Desktop
Computer Manufacturer/Model Number
Custom Built
OS
Windows 8.1 Pro x64
CPU
Intel Core i7 4790k
Motherboard
MSI Z97S Krait Edition
Memory
8GB Corsair Dominator 1600MHz
Graphics Card(s)
MSI TwinFrozr GeForce GTX770
Sound Card
ASUS Xonar DX/XD 7.1
Monitor(s) Displays
Dell 24" S2409W + Dell 20" E207WFP
Screen Resolution
1920x1080 + 1680x1050
Hard Drives
1x 120GB OCZ Agility 3, 1x 750GB Western Digital Caviar Black, 1x 1TB Western Digital Caviar Blue