It wouldn't free up much power since the AC compressor is on a clutch that only engages when the AC is on. What you would gain is only the reduction in rotating mass off the pulley itself, and about 60 pounds in total mass from the front end--I believe that's about the total weight of the compressor, condenser, and refrigerant lines. You'd also get a little extra room behind the bumper for a FMIC, and maybe slightly better airflow across the radiator.
If it were me, I'd be inclined to remove it all. For how infrequently I use the AC, I doubt it would be worth the cost of repairs. Depends on your climate though, I suppose...
