I am pretty sure if you remove or comment that out, it will mess up the posthead.
So I would add this to the additional.css instead.
Code:
/* Start Hide Date And Time In Postbit */
.postbit .posthead .postdate, .postbitlegacy .posthead .postdate {
color: transparent;
}
.postbitlegacy .posthead .time {
color: transparent;
}
/* End Hide Date And Time In Postbit */
Also doing it that way eliminates the need for template editing.