There will be unfinished wood under the wrap and a groove the wrap sits down in. Once the wrap is removed, the handle should then be turned down to even out the surfaces and refinished. This will cost you at least $120 I would say and leave you with a thinner handle than before.
If you want the wrapless feel but and keep the same dimensions, you might want to try a stack leather wrap by Tiger Products. Ryan at Meuller's does them at a good price. He can put a shiny sealer on the leather and it does not feel like leather at all.
My playing cue has a stack leather wrap. I have it resealed every couple of years. It's been on the cue now for at least six years and I love it. It doesn't have the dry, powdery feel of leather - it's slick and firm.