Most archers at one time or another shot straight off the string. It wasn't a bad thing to do so either, a lot still do. There are some benfits to a string loop, but that doesn't mean shooting off the string lack any of it's own.
For one you get a better hook up in the dark, not fumbling around hoping to hook your loop. The other is your draw length which is why your considering it.
I would go with the eliminator button underneath if you do go loopless. The weights of the swap should cancell each other out.
Now That I'm shooting with a No-peep I could easily dump my loop if I wanted another 1/2 of draw, but my cam gets a little touchy towards 30" soI will leave well enough alone.

Now I just need to getsome no-peep's for my other bows. Once you get used to shooting with one a peep just get's in the way.