No, it would not be great to see it removed. It would be very, very bad.
The [Disc #] tag in MC stands for "Disc Number", and logically it is expected to contain a numeric value. There doesn't seem to be an easy way to check the ID3 standard to see what it should be, as "Disc #" or variants are not listed as possible tags. Annoying.
What you are trying to do is manage a "Boxed Set" of discs. Audio discs by the sound of it. MC doesn't have a built-in way to manage Boxed Sets with names for individual discs. But this requirement has been discussed many times, and different people choose different ways to handle them. Search the forum for "Boxed Set" and start reading. You will also find many ideas with a Google search, although many of them use folder structures, which isn't required by MC, although it can also do that.
You might also want to check how Boxed Sets are handled in some of the online databases, such as Freedb, CDDB, MusicBrainz, etc. I don't know if the JRiver YADB CD database stores disc name information, but you may try to find out.
Note that MC only knows about files. It doesn't know about Albums, or Discs within an Album, within which music tracks exist. So each file needs to have recorded against it the Album, Disc #, Track #, etc that it belongs to. MC then just uses that data to sort all the files it knows about into groupings that make sense to you.
The simplest solution for adding a Disc Name to a file is to add a tag to the MC Library to store the individual disc names, while still retaining the same Album name for all files in the release. You could call this new tag [DiscName] or whatever you like, and then populate that tag with the name of the individual discs. Then just add [DiscName] to the Views where you want to use it, or to all Views. Your choice. Leave the [Disc #] tag as it was, and sort by [Album] then [Disc #] but display [DiscName].
Easy.