A better answer is that it depends on your gear configuration and exactly what it is you're removing when you remove an octo from you kit.
I dive primary donate. If I'm buddy diving then my gear configuration is:
40" primary hose
Necklaced secondary
If I'm diving with a pony, the pony bottle is slung on my left side with its own 40" hose and reg bungeed to the bottle.
Now, in that configuration, removing my necklaced secondary isn't going to achieve much streamlining, because it's out of the way and has a short hose. It would also get me out of the habit of putting on my neck bungee on every dive, which is problematic because it's dangerous to forget. I suppose I could remove my 40" primary hose and swap the primary and secondary regulators (they're tuned differently) and have the bungeed primary, only, which would accomplish some streamlining. But if I had to share air, I would no longer be able to use primary donate, because the hose is too short. I would have to donate the pony reg.
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Another common configuration among divers who use pony cylinders is to dive an Air2 (or similar competing product), again using a 40" hose on their primary. For a back-mounted pony, the reg can go on a necklace, or with a slung pony it stays on the bottle.
There's nothing to remove here, unless you swap out the Air2 for a standard power inflator, which doesn't streamline anything. Maybe it removes a failure point but I think you'd be hard pressed to find an example of the 2nd stage in an Air2 failing in such a way as to contribute to an emergency.
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Now if you're still diving using the "octo donate" configuration, well, I suppose you could just take the octo off and put in a port plug, and maybe you should, especially if you're using a back-mounted pony. (Maybe you should think about switching to primary donate, too, but that's another topic.) Because reg mixups while diving ponies are a thing, and there have been at least two fatalities as a result.