You mean diode, Tater?
As long as you put it in right, you should be fine.
Essentially, Vf of the diode times the current you pass through it will all be wasted as heat. It won't be a HUGE difference, but it will be a difference.
Don't short out the diode pad. The circuit will NOT work without the diode. If you short the diode AND remove the cap, it *may* work, although the current regulation might not work too well. The diode prevents the cap from being discharged when the switching transistor is on.