I wouldn't fool with it - all it did on my 5.9 was give the whistle which got old after a while anyway. Plus the ring helps smooth out the airflow into the compressor housing on the turbo as stated above.
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Replaced my 24v 5.9 with 6.7 - Hope I don't regret it!
08 Mega-Cab 4x4 Dually, 6sp auto H&S 5" Turbo-Back Exhaust, S&B Intake, Edge Juice w/ Attitude, EGR delete
"Someone stole my DPF!!!"