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That rubber coated weight is a "drive train dampener".Toyota put these type of weights on lots of different vehicals,They are basically a band-aid from a harmonic frequency problem during testing.Sometimes the "dampener" is bolted to transmissions/transfer cases/frames/exhaust systems..You will not hurt anything by taking it off,but you will possibly feel vibrations (vibrations that the dampener is trying to minimise) from the drivetrain under certain conditions.
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