It looks like the pin that holds it in place also holds the mainspring housing so you'd need a short pin for the housing. Then the grips have been cut down also so there'd be a gap at the bottom. Better to just leave it alone.

Tommy - yes the mag well can be removed. If you're experienced with 1911s you could probably do it yourself. If not, then be prepared to have a gunsmith do it. And the gun will function perfectly fine without the magwell. You'll need new grips, though, to make it look right, once you remove the mag well.

Tommy, yes and yes. I have this model and the 6" "Big Rock" and they will work with the magwell removed.