It is best to save it if possible. They do go for a decent price when a purist wants one. However, I'm not sure what you are going to use to start the car w/o the switch.

You can always bypass the old coil and wire up a new one leaving the whole shebang in place - but I never thought it looked that clean.

Myself, I saved both intact setups, and have a couple severed switches I used to wire up a "modern" coil. I also use a "shot" coil, cut the top off and installed a newer coil into the holder - that way there's no big 3" hole in the firewall...