A little? Lol. The efe-tvs is a thermal switch. When the coolant warms up enough, it closes and blocks vacuum downstream from it, without affecting the carburetor vacuum supply.That's the EFE TVS. If you are running the stock exhaust, you probably want to hook it back up. If you remove it, you are likely to lose a little coolant until you plug it.
So in a smog delete, it's totally unnecessary equipment now, but either needs to stay or be plugged, if removed it'll dump coolant like nobody's business as it's screwed directly into the thermostat housing.
What's important is making sure the EFE on the passenger exhaust downpipe is tied wide open or deleted entirely, otherwise the exhaust from that side of the engine will get dumped right back into the intake/pcv.
Smog deletes should be Done, or Undone, half measures only lead to complications elsewhere.