Rub Rail Removal

I have a question about my 1968 Cal 2-30 (Lapworth Design). It has an aging and broken rub rail (what I think is not the original design for this boat) and I would like to replace/remove it. What I was wondering and as I saw an web post about it some time ago, but have not seen it since, that someone had completely removed the rub rail, sanded the lip and resealed and painted it over. I thought it looked amazing. I sit mostly at a mooring, so the rub rail is a bit moot, but I would like to completely remove it and the lip, fill it (maybe glass over it) and then paint.
What I was wondering is: whether or not this lip design is part of the structural integrity of the boat? If removed, will the cap begin to come apart at the seam? Is this possible with this boat? If you don’t know, would/could you point me in the direction so that I may find out?

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