you can certainly do that. i planned on removing the pinky bump. there's plenty of g10 there and the liners don't follow the contour of the handle, so you don't even have to worry about that.
i will say this though... i bought my caribbean fully intending to grind down the blade to a point, remove the pinky bump, and dye the scales. i've done none of the above. the blade shape is better for emergencies as a sheepsfoot and still pointy enough to do anything else i need to do. the pinky bump doesn't bother me as much as i expected it to. and the color doesn't really bother me either, once i got it in hand.
i still may mod it, but it's a great knife exactly how it comes. another consideration for me is that the laws seem a little bit nebulous when it comes to knives here and i feel like i can justify carrying a knife that looks like a rescue tool easier than if i made it pointy and dyed it a darker color.