I would neither be concerned about screenspace (as you can easily hide the PC in any view ) nor about CPU resources (as this seems to implemented really well; I have been using it in almost every channel to some extent, even if it's just a simple low cut filter as it is so much more convenient to use than anything else).
I'd be more concerned about stability when trying to remove it yourself (don't know if that's possible, but you can always fiddle with dlls and such things) ...
Even as a "simple musician" you might be faced with playing along a backing track that got way too much bass content or is too muddy and by twisting 2 knobs in the PC you might have a much more pleasing track to play along to ...
Edit: think about your mixer when playing live. don't you ever use the EQ for anything ...???