You can't remove the capacitor...it won't spark. That's what the capacitor does, it stores juice...and then releases it when "told" to. It can be done. But for the amount of time, work, and (most likely) cost, you could have built a Megasquirt and been finished with it. I built a MS for less than $200 for my old SVO..... But to each his own...and I am all about MAKING stuff work!! The way you are describing it, it will probably run, either at idle or wide open, but it won't be able to vary the amount of fuel sprayed through the injectors according to load. Remember, under load, you need more fuel. Increasing fuel pressure will help that problem, but then it won't idle right. Or, it'll idle fine but under load it will fall on it's face. This is where the E in EFI comes in....various sensors sense the load and engine speed and the EEC will adjust the injector pulsewidth according to a set "map" that is programmed into the EEC.
The MSD has an oscillator in it, converts 12VDC into a square wave. Then the square wave is stepped up to a higher voltage through a transformer. The high voltage AC output is rectified back to DC and used to charge up a big ass capacitor. A capacitor can discharge quicker than what just an inductive coil (ignition coil) can. Provides a lot of energy very quickly to the plugs.
