I'm uncertain. I think without him it may have gotten a little tedious. I was barely interested in the match at all until HBK got involved and him and HHH cut that amazing promo.
On the other hand it does take away from The Streak and the match itself. As said above it should be about whether Taker will go 20-0, not whether HBK will screw one of them.
In saying that I don't think this match should have ever happened. He should have waited a year, let his hair grow back and then faced Cena at WM29. Also that way it wouldn't be overshadowed by Rock/Cena as well.