Presumably it's just a 'style' thing then, affecting only the sound of the exhaust. Is it not there to modify back pressure under low throttle opening conditions? If not, 'wired open' it will be... I'll have a closer look at it in the week. As there's a spring holding it closed, removing the spring may be a good starting point. For warranty/service time, you could always claim it must have fallen off.
I doubt enclosing it would make a lot of difference. Metal that gets very hot corrodes easily, and both 304 and 316 stainless steel still rust, just a little less readily.