Hi Robocop,
I'd recommend against it as well.
It is my understanding that the resistor used in this circuit is a current sense resistor. It is used by the regulator IC to determine the amount of current flow and adjust accordingly. I also believe that the bare pads are run in parallel with the existing resistor.
This allows you to add a second resistor in parallel to the first, thus reducing the total resistance. Reducing the resistance means that more current must flow through the resistor to reach the IC's cutoff measurement point. This results in more current going to the LED.
If you short out the pads, you will be bypassing the resistor in the circuit. With the resistor bypassed, the IC will likely never reach its cutoff point.
In this state, I can think of at least two things that might happen with this setup. One is that the current to the LED would no longer be regulated and the circuit would pump out the maximum possible current to the LED. The other is that the switching IC would stop switching properly and would burn itself out rather quickly.
Later revisions of the ArcLS circuit are said to have thermal protection, which may prevent the IC from burning out. I recall that the thermal protection is actually being provided by the IC itself, which may or may not be at a low enough temperature to protect the LED from thermal damage.
A third possibility is that the IC may not have a stable operation with the sense resistor shorted out. If that is the case, then you may experience random, unusual operation of the circuit.
In any of the scenarios above, the regulation of the light will be negatively affected, assuming that the circuit still manages to power the LED.
Your best bet, if you wish to modify this circuit, is to find some resistors of the same size and practice soldering with them.
I used to use an old Radio Shack 15/30W soldering iron for work of this size. I first had to grind down the tip of the iron to a smaller diameter to make it easier to solder these small parts. I used my dremel tool to do this, but some large grit sandpaper, or a grinding wheel, or whatever else you have on hand will work. Just remember to heat up the iron and tin the tip with some solder after griding.
I tear apart old, dead electronic equipment (computers, cell phones, whatever) and salvage components from them. You can likely find resistors of the right size (though likely the wrong values) to practice with. For practice, you can usually cut the parts off the salvage boards with an X-acto knife and then practice soldering them back into place.
Be sure to stop into Radio Shack and pick yourself up some thin solder for this purpose. I'm currently using a spool of Cat. #65-035 Silver-Bearing Solder with a diameter of 0.015" and it works very well for these fine jobs.
Hope this helps,
pb