I removed mine simply because I didn't like the looks of it. There's nothing to be gained in the way of weight reduction: the assembly weighs about as much as a Burrito Grande, especially sans license plate bracket.
A license plate light is required by law here, but is not part of a state vehicle safety inspection, so I didn't bother with that. I just took off the license plate bracket, reflectors and all, drilled a couple of holes in the fender and moved it up there.
I've had police cars following me at night on more than one occasion. I didn't get pulled over, so this lent some credence to my theory that a motorcycle license plate and the associated light are so small that by the time a vehicle is behind you trying to read the actual numbers on your plate, they're not going to know if there's a light above the plate or not because of the glare of their own headlights and the inherent reflectivity of the plate itself.
I never figured I was a high-value target unless the absence of a plate light was a reason to pull me over for driving drunk and I don't do that. One of the reasons I like the kids that scream around town on sport bikes is that they take the focus off me, the fully-garbed giant in the Day-Glo Yellow jacket on the dual sport riding at or below the speed limit. I'm regarded in about the same light as the 60-year-old woman with varicose veins on the Schwinn in the bicycle lane. "Nothing To See Here: Move Along."
I suppose the responsible approach would be to use one of those illuminated plate frames you mentioned or those illuminated LED bolts.