What would be the advantage of removing the front sway bar for the 1/4?  Better traction transfer, weight reduction?  What could I expect in time improvement for doing this?

power transfer definately... your front tires have unrestricted range of motion on the launch... i dropped mine a few weeks ago, 6 bolts.. took 10 minutes w/ an impact wrench... and as far as 1/4 mi et's, i'll let you know after friday night ...

~Nick
LP Performance

well i don't know if this has to do with removing the sway bar from my car but i cut a second and a half off my quarter mile time

Advantage: Better weight transfer through the front, you'll notice a mild diffrence at the strip. It's good for drag/straight line applications.

Disadvantages: Excessive body roll during normal driving, and can be dangerous during hard turns, or high speed cornering.