Just my $0.02, but I can't fathom a need to eliminate something that works well. As many others have pointed out, they are super CHEAP.
As far as eliminating the low coolant light, the question is why? IF you suffer a catastrophic cooling system failure and the coolant leaves rapidly, you may not know before damage occurs. The Coolant Temperature Sensor does not read the temperature of air very well, and will not register the engine's temp without coolant flowing across it.
HOWEVER, the low coolant light reacts very quickly to the situation, alerting you to impending doom...
Just an example of what has happened to me. I replaced the engine in a B5 Passat, and on the test drive, the lower radiator hose popped off the radiator. Apparently, I didn't fully click it into place. The low coolant light illuminated within seconds of this, meanwhile the temperature gauge began to move towards cold, as it is mounted in a plastic housing and was now reading AIR! Needless to say, disaster averted...
Vince