Depends on what function you care to lose....
Voltage regulator is there, Starter solenoid, Looks like ignition CDI unit if your bike is CDI...not sure on that model...
So if you remove the CDi, the bike won't run, so then you don;t need the starter solenoid, voltage regulator or battery........But if you want to ride it, those parts have to remain. You can move them, but the function is necessary.
Not many electronics on that era bike that extra. There is no radio or other fancy devices...Electrics on these old bikes was just what was needed to run....Nothing was "Extra". If you have kick start, and don't want electric start, the starter solenoid is removable, but not much else.