[NYNick]

I don't think either affects value; I think the lack of A/C affects the market size, however, if you do a complete A/C ripout.
Leaving all the A/C bits in place, and just removing the compressor(and including it in the sale) etc will do nothing to affect value.

It takes a enthusiast like a Pelicanite to notice the fenders, and that's a small and very critical part of the market size.