Brian's right. It's required, why eliminate it? You can replace the components for less than $50. Don't likr the location, move it. It can go most anywhere up there, even in the box if it's not sealed.
Trailer Parts Superstore - 'Engager' Electric Break-Away Kit w/LED Meter
Testing of the breakaway system is required in a state inspection here. The breakaway system is required if the trailer has brakes. Ever been DOT'ed? The fine for this not working is probably in the $200-300 range. Do not give these guys a reason to start writing you up...once they put pen to paper that will not be the only fine. I have seen fines on trailers exceed $1k for just a routine stop. Is it worth eliminating? Only you can decide that, but I vote no.
Mitch