Will removing a cam button on a BB screw up where the cam has been riding on the lifters and possibly cause cam lobe failure? It is a hydrolic flat tappit cam. Stacey

Discard it, you don't need it with a flat tappet cam. It doesn't locate the cam, it merely keeps it from moving in and out. All flat tappet cam lobes/lifters are ground to maintain a (slight) rearward thrust on cam while it's in the engine running. Thanks, Gary in N.Y.
PS It is a good idea however to check "lobe-location" when you're doing your initial layout. 99.5% of engines are no problem, but every once in a while you'll get one where you'll actually have to "reposition" the cam. This is a bit tricky and better left to a competent shop that builds engines for a living!