The difference in height is not much...the vinal is probably barely over 1/8", so taking it out may not buy you much. The bigger question is what does the manufacturer say about what's under it?
Note, most of this type of flooring requires that the subfloor be quite flat. Have you checked out yours to see how well it fares? If it isn't flat, then it will be like stepping on a spring as the floor bounces up and down, plus, it will put a huge load on the joints, which will lead to failure when they fatigue and break off.