yah you can get rid of it by removing a crystal on your ecu. but by doing so you risk premature engine failure. due primarily to belt valve stems. i would suggest not to remove it, considering mimimal gains anyways, especially for a gt. and one other thing just one bad downshift and your jacked
Th rev limiter doesn't prevent you from mis shifting, if you do that, it won't matter if the ECU can fuel cut or not.
The other thing is that the 1zz mkaes the most power at about 6700-6800 RPM (that's 100 rpm before the redline), so increasing it won't do anything but lead to problems.
It does serve a purpose and it is there for a reason.