A 1995 Camaro will not lose *significant* power with the air pump (also known as the Air Injection Reaction system or AIR system) removed or malfunctioning. The AIR system's purpose is to pump air into the exhaust manifolds during startup to help burn off excess hydrocarbons and reduce emissions. It's an emissions control device, not a performance component.
While you might see a slightly rougher idle or a very minor decrease in power at extremely low RPMs, the impact on overall performance will be negligible. You'll likely see a noticeable increase in emissions, however, which could lead to a failed emissions test in areas where this is required.
