Bravado,
This is just me being nosy and is not meant as sarcasm or anything else. What are you looking for in removing the cord wrap? I've found it to be extremely durable, comfortable and it doesn't cut into my hand like many of the other cord wraps I've handled.
Also I'm not sure what it can be replaced with without making a special request of the shop(or custom shop) as I don't know what is under it. Let us know what you decide to do, this is an interesting idea.