I would leave it alone. Its not pretty, but on such a trip, you choose function over form. Its doing a great job of keeping mud of youre luggage and youre back.
If you want, sure, just saw some of it off.
I use mine for a lot of different stuff, and have cleaned up the back end, and live with mud on my arse. It have however, failed me once, so I lost the entire numberplate, and rear light while offroading. Not much fun, so had to redo it. Wouldnt be fun at all on a rtw trip. =)
Heres a pic, al the crap from the orig. rear end is off, and new bracket/mounting plate made from diamond-alu-plate (hope you know what I mean, dont know the english word for it) and fitted smaller flashers.