I have wondered the same thing, removing the trap altogether in a rebuild that will have an external filter...
here are some pics of a trap being removed:
http://triumphchoppers.com/gallery/album41
and if you haven't seen some of the stuff that's in there:
http://www.ironcross.net/sludge%20trap.htm
Mine was full of a hardened cake that resembled jbweld
-Ben