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I remove it and trim up/slice off whatever else is underneath, because it gets in the way of making more bark. Definitely a fan of the picnic, myself.. happy smokin'.
I lean trim everything, I hate fat! I also think it gets in the way of the rub getting to the meat, especially because I will cut the fat off when I eat it.
Just so you know I moved your thread to the "Pork" forum, I think you will get better exposure to the topic at hand over here!