I was just wondering if I really need this hooked up or not. Also I'm not sure what it is called so hopefully you can tell by the pic. It's in the front.

 

nope.... you'll gain a lot more flex when you huck it in the trash.

i'd also upgrade to histeer

 

this truck is also gonna be an everyday driver so if i take it off will it do anything to the handeling or anything?

 

That is the torque rod. It is run in parallel with the steering drag link in order to prevent bump and brake steer. If you brake hard, without the torque rod, the front axle will roll forward as the springs twist under the load. Since the steering J-arm is on top of the axle, it tries to move forward, but is stopped by the steering box and pitman arm, so instead that arm is pushed backwards relative to the axle. That causes the tires to turn in reaction to the braking. Can be somewhat unnerving if you are not used to it or expecting it, like in a panic stop. So on-road, I would probably leave it on, you may consider a bracket to raise the axle end up or a dropped torque rod (similar shape to your dropped drag link).

Also off-road, while the torque rod does limit flex to some degree, it also helps to protect the steering J-arm from extreme forces to some degree.

Some ideas on modifying it:
- http://www.mindspring.com/~jayk3/toyota/torque.htm