Hockey390,
The part you removed from the thumb throttle is a microswitch. The way the T.O.R.S. system works is it senses with switches that both of the arms your throttle cable is attached to (on top of the carbs) as well as the lever arm inside your thumb throttle housing are in their 'home' positions when the throttle is not open. If either of the carb slides are open even a little and the thumb throttle is at its home position, the system kills the engine. If you want to totally remove the saftey system, unplug the thumb throttle microswitch from the harness, next unplug both the wires coming from the stock carb tops, and lastly unplug and remove the small 'box' located left of the coil on the frame under the fuel tank. That should remove the system entirely from the harness. The downside of this is that if your carb or carbs get stuck open for some reason, the engine will just rev away like you've witnessed. If this happens while riding, you'll have to have kill the engine yourself with the switch at the left handgrip or with a tether switch if you ever come off it.
Lightninn