If you can disfigure it, then the value is minor. Then sell it and buy the piece you want and need. Here in NJ, $500 would be throw away price and I'd think 1-2000 is very affordable. Did you appraise it? These are total guesses and I am rather cheap.:smile: Do you want to put boots under it? Store them flat. It is a kind of furniture that can't be replaced, and shame to destroy it.
If you must, how is the leg attached to the seat's frame? It looks like the leg was designed for lightness and the attachment point would not be robust. The rails are structural and if you remove it, and the seat is used often, the attachment will become loose quickly. There is no invisible way to reinforce the attachment. Somekind of brace is needed, which means metal angle or wood triangle. Screws will have to be used, and screws become loose.