I agree with apache36. Don't remove the rear tail light. Will look like poop. All that open space etc that the tail light covers up will be visible and won't look very good.
Also the side mounted licence plate will look pretty cool. But I wouldn't use one with the brake light though (see above). Also because the rear tire blocks the light from anyone behind and to your right. Not a good thing when riding at night etc. one other thing to consider is your local laws. Some states/cities don't allow virtically mounted license plates (like Philidelphia, PA).
I like the idea of the combined tail light and turn signals. I was actually thinking about doing a similar thing with my '06. But instead of an integrated tail light/turn signal, I would mount my own set of turn signals on either side of the tail light. Like some mini-turn signals (inch long/wide) for sport bikes or something. There is enough room/plastic to mount them with the 200mm tire/fender etc. Don't know if there is room to wire it though. Haven't had a chance to look.
Would be SWEEEEET, :banana:, if someone came out with a kit to do exactly what I'm thinking... Take up all that extra blank space on either side of the brake light. :woohoo:
--Rob