Warning: I could be wrong about this but this is what I've come up with on my own research.
First, there's 2 connectors that are identical but serve slightly different functions.
The one closest to the firewall and EEC-IV diagnostics port is the Octane Adjust Shorting Bar. This connector will retard the computerized advance 3-4 degrees. It won't disable the computer advance, just dial it back a set amount to prevent pinging. This is more of a diagnostic tool to note if bad gas is being used or if there's a spark plug or carbon build-up problem.
The one by the ICM near the battery is the SPOUT Shorting Bar. This connector totally disables computerized advance. This is another diagnostic tool to note if there's an ICM or other problem.
Only the Octane Adjust Shorting Bar is meant to be used in service but even that is not ideal and the better solution is to fix the problem. Could be a vacuum leak, clogged injectors, bad gas, slowly failing fuel pump (not enough flow/voltage), excessive spark plug gap, carbon build-up, etc...
With that said, there won't be any serious engine problems resulting in the removal of either of these. You may get more carbon buildup or a cooler running engine due to the inefficient/un-optimized timing of the burn but aside from power loss and a drop in mileage, there shouldn't be problems.