Spotlight can be accessed several different ways from the Finder:
1. Click the Spotlight icon
2. Type in the search box in any Finder window
3. Go to File->Find in the menu bar (or hit Apple+F)
Removing the Spotlight icon would disable method 1, but methods 2 and 3 should still work.
I was poking around in the System Folder, looking for something that might represent the Spotlight menu icon, but could not find anything.
Just out of curiosity, why would you want to get rid of the Spotlight menu icon?