Yes, it is easily removed by drilling out the two rivets holding it to the frame.
I've had my gunsmith take three off for me. Next to the internal locks I despise those idiotic rails the most.
S&W use to have black plastic plugs you could put in the holes. I simply left mine open with no problems.
The finish under two of the three pistols was fine. On the third, the rail had been poorly installed and subsequently moved a bit. It left some wear marks on the frame. Check Gunbroker periodically. Some agencies ordered TSW pistols without the rails, and subsequently there are no holes in the dust cover.
With S&W giving away free M&P pistols to different law enforcement agencies to increase their market share, many of these rail free TSW's are coming on the market. Hope this helps! Regards 18DAI.
Thanks for the insight guys, I will call Smith and see what they say. If turns into a hassle, I will just leave it alone and hope the CPD approves the use of a weapon light for regular patrolman ( police officer for all those pc people ).