Looks like it's limiting the current that powers the modulator (the schematics I've got here are unreadable on the pin names!), so removing it and the modulator shouldn't affect anything else.If you're not planning on replacing it just cut the 3 long pins connecting it to the motherboard instead of removing the whole thing.
I'd be more worried about why it burnt out, maybe C239 has gone bad and created a short to ground (there's another unlabelled cap between gnd and E232R to check too), or the modulator is fscked.
