The throttle body helps regulate air right? Can't it also restrict air as well. For example put your hand over your mouth and try to breath in. If I took it off wouldn't I be able to get more air in the engine for a greater combustion thus more power and torque.
No. Simply put, the throttle body is the physical device that controls engine speed. Thus the name "throttle body" because it throttles the engine.
In essence, if you took the plate off, the engine would run wide open (max RPM) and you would have no control of the engine speed.
It is more complicated than that because there are sensors detecting the air flow and the throttle position, etc. It would likely run poor.
Replacing the throttle body with a high-performance version will help with what you are wanting to do.