What is the point of removing speed sensor when going down the track. What does it help out and what am i looking for in the front wheels? Can i drive with it off all the time?

I've never heard of that.. I think however they only unplug one wheel sensor so the traction control won't retarde and kick in down the strip.. you can drive with it off.. you just won't have traction control or ABS.. and the light will always show up on your cluster.

ahh ok. I got a switch to turn traction control off so i should be ok

Turning off the traction control only delays the effect it does not disable it.
Pull both the speed sensors (only takes a minute) by reaching in from the back of the wheel. You can feel the connector and locking tab. You may have to turn the steering wheel one way of the other for better access.

Note: this will throw a code on you dic but will go away as soon as you reconnect them.

Is that true for a 96 also?

I don't think that the TC is as aggressive on the pre 2000 Models. I know on mine, if you turn the TC off with the switch it stay off. I dont' think that I"ve had it kick back on before on me. (during excessive spinning of the tires.)

Well.. last time I tried which was when I got my car first time in winter.. it never kicked in.. but from what I heard.. it pulls timing.. may not necassarily engage the brakes.. but I haven't really tried it out now that I have my speed sensor off.. ( have boost issue which we won't go into here )