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For reliability then if I was doing a round the world drive in a 172 I'd probably lose it, but from a performance point of view you are obviously going to suffer if you do.
If you replace it with a vernier then for peak power you are ok as you can dial to the best possible point and potentially out perform the VVT, but you will lose out far more everywhere else than you gain for that few hundred RPM.
Personally I would keep it unless going very hot cams or doing endurance racing.