In part the restrictor was early thinking on how to keep the pads close to the discs as they wore down. The theory was that the restrictor would always keep the brake pedal high, despite pad wear.
Some of the internal parts in the restrictor, such as the spring, are made of steel and rust over the years due to moisture in the brake fluid.
If you take the restrictor apart and clean the parts with a wire brush, then reassemble, it will work again as new. Obviously cleanliness is essential being a brake part, and wash the parts in spirits.
Always make a diagram if dismantling the restrictor, so it goes back together correctly. Don Elliott has posted an excellent drawing he made of the internals for re-assembly.
As said, there seems to be no great problem with ditching it, and in fact it was deleted by the factory during TR4 production.
Viv.