Reviving this thread as I am in the same boat as OP - keep a working DME or toss it during a panel upgrade (to GTN650/G5). I don’t have panel space issues or need the cash, necessarily, so keeping it would be fine, but I’m kinda in the less-is-more camp, and I don’t want to have to remove or fix it later.
That said, it still works just fine. The thing I’m unsure about is whether or not getting rid of the DME will reduce (in a meaningful way) the number of approaches I can fly. I’m new to the IFR GPS game (believe it or not, I got and have flown IFR entirely with old round gauges), so I’m a little unsure about this. If DME is listed on an approach, is the GPS an allowable substitute or do you have to actually have the DME?
As an example, here’s a fun one, could you fly this arc without a DME installed in your plane if you have an IFR GPS?
https://flightaware.com/resources/airport/KOTH/IAP/ILS+OR+LOC+RWY+04