Whether there is a lead link or not there is still a hierarchy of roles. You can of course remove the accountabilities of the lead link but the role still must exist even if it has no current accountabilities. See the constitution 2.2.3
A Circle may not add Accountabilities or other functions to its own Lead Link Role, or modify the Role’s Purpose, or remove the Role entirely.
However, a Circle may remove any Accountabilities, Domains, authorities, or functions of its Lead Link Role, either by placing them on another Role within the Circle, or by defining an alternate means of enacting them. When this occurs, it automatically removes the relevant element or authority from the Lead Link Role, for as long as the delegation remains in place.
The only circle that can be setup without a lead link is the anchor circle as per article V. but you could of course enact a policy to make the lead link an elected role but that election would have to be at the super circle as that circle appoints the Lead Link.
In my practice I have not seen an organisation run without a lead link but many are sensitive to the lead links role and power and ensure it has a light touch I have seen however the removal of accountabilities like prioritising/resource allocation and even role assignment with these been moved to either policies/process's to remove the autocratic nature felt to be inherent in the role or other roles