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Not sure...when I did the quad tip mod, I removed my tail lights. Easy to do and then the bumper was simple. Getting up the nerve to cut a perfectly good bumper, not so easy.
I'm putting on the GT500 valence too, and the only reason I was asking is because my kicker sub was in the way of the right tail, but I ended up just taking it out even though I didn't want to.
I think you can get away with leaving them in. Had to pull up some old pics to see. I don't see much of a lip (if any) behind the taillights. If anything, you might only have to loosen the tail lights. Judging from the pics I left mine on for the swap, and its not something I would've thrown back in mid-install for the sake of a pic.