Advantages:

Lighter.
Quieter.
Less vibration.
A slight increase in power available to the rear wheels.
A slight improvement in mpg.

Disadvantages:

You gotta do it.
You gotta pay for it.
Maybe less cooling capability during heavy loads on a hot day with the AC on while going slow.
More current drain on battery and alternator (which consumes horsepower).

Years back I had a modified '75 245 (with the B20 pushrod engine). I removed the fan blades from the motor durin all but the hottest months. Because I traveled mostly on highways, I was rarely stuck in traffic. On those occassions when I was stuck, I simply turned on the heater full blast -- and cooled the engine while I roasted.

But that was maybe only 2-3 times during the summer, and usually only for a few minutes at a time.

Otherwise, the savings translated into the advantages I listed above, with an emphasis on a noticeable increase in power.
--
Don Foster (near Cape Cod, MA)