Exhaust HeatShield??

Hi all, got a rattling heatshield on the manifold on my k11 '94 pre-facelift. Am I safe removing it and leaving it off, and tie-wrapping the oxygen sensor away from the hot exhaust, or will this fail the MOT or be dangerous in some way?
 
Thanks, will have to get some tin snips as it's rusted on the left bolt, and is rattling on the right, and I think one lower down? dont want to remove the bolts as they look quite old and likely to snap, so planning to metal tie-wrap the oxygen sensor cord somewhere safe, then cut the actual shield off the bolts which to be honest looks like it's ready to fall off.
 
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