No, I wouldn't bypass it. Just re-solder it. You can get a cheap solder iron from Hobby Lobby or a place like that for a few bucks. If I were to guess, it reduces voltage to 5 volts to run the Integrated Circuit chip. If you bypass it and run 12v+ to the chip, it will definitely let the smoke out of it. Getting all the smoke back into the chip will be no fun, and impossible.