The radio will still retain all of its current features after the mod.  In additon, the mod provides transmit for the following ranges:
 
137.000 - 173.995 MHz
216.000 - 234.995 MHz
410.000 - 469-995 MHz
 
However, if you remove only the resistor, keeping the diode in place, the ranges are:
 
142.000 - 151.995 MHz
216.000 - 234.995 MHz
420.000 - 449.995 MHz
 
This is according the Kenwood's supplementary information for the service manual.
 
WARNING:  Either of these mods will force your radio to do a full factory reset after power-up, clearing the memory and menu options.  Therefore, be sure to back up everything, before performing the mod.