I've considered that plate in the past, and its purpose.
To me, the plate existing only makes sense if they were trying to stiffen it perpendicular to the axis of suspension movement, or I'd they're trying to hide ugly welds.
Swing arm design is a black art that finds the right balance of flex vs rigidity along four different axis. It's one of the pieces that are critical in defining how a bike feels.
Personally I'd think twice before doing anything to it.