Leave it in. If you take it out it'll just swing underneath, away from the bait and you'll have a lower hook up percentage. I've tried rigging them in such a way that the hooks did hang down like on a wood plug and it worked ok for hookups (this is with two hooks instead of one) but what would happen is the rear treble would catch the tail of the bait during the cast. If you bought the stock Osprey with one hook, consider adding another hook toward the tail or you may miss a lot of bites. Do a search on pro-rig or osprey re-rig for plenty of info on that. Bass World West has pro-rigged Ospreys already rigged this way.
-Brian