From what I understand the rattle is caused by the heat shield on the exhaust, which would be this, right?

So, does anyone know for sure if I should hack it off, or at least put clips around it to stop it rattling?
I understand the heat shield must be there for a purpose reason though, right? So if I take it off will I run into problems? Should I wrap it with header wrap or anything?
Sorry for the 20 questions, I'm learning as I go