HI Chris
You are referring to the fuel damper under the rear of the car after the fuel pump? It's there to stop pulsing from the pump. This will cause you issues with the running of the car if it's not there. I would really look to replace this.
Additionally 40psi is outside spec, I would suggest that's way too high. At idle it should only be around 36psi. Are you measuring it correctly with a gauge after the fuel filter? If it's that high then you need to replace the regulator. (The unit that sits midway on thefuel rails on top the inlet manifold). You can check the operation of the fuel regulator by using a vacuum gauge to ensure its working properly. If you have a Haynes manual the procedure is documented with the correct values for different vacuum levels. I can copy the page if you don't. But I do think the regulator is suspect if your pressure is that high.
Huw