This is what I did with mine.
First I removed the insert (lucky yours came out easily).
Second, because I had some very small paint blemishes around the edge of the bung, I purchased a paint saver ring. This ring is rubber and chrome and goes around the very outside edge of the bung. You can find them at most major retailer like J&P Cycles (I think I bought mine from ebay). This ring covers any blemishes, prevents getting gas on the tank during fill up, and doesn't interfere with any after market gas cap.
Third, I purchased an aftermarket "custom looking" gas cap. The cap looks better, I don't get gas on my tank, and my cap is much easier to get off.
In my opinion removing the insert was one of the best decisions concerning my BDM I have made so far. You will find people who disagree with me, and in the end you have to make your own decision but I don't regret it one bit.