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Removed the libc by hand, and restored the system to a usable state without turning it off and putting the file back on the FS from external source.
Mine is close to that. I still had a working libc, but the dynamic library for C++ programs wouldn't load, so most of the Gentoo tools and several other things I expected simply crashed on startup.
Found enough working programs to get the library restored and remove the bad arch flags from my configuration to start another emerge world.
After that, I was pretty confident that I could run Linux at least as confidently as I had previously run WinNT 4.
Generally if you remove a file, it won't affect programs that already have it open. So if you delete libc, hope that you don't lose power. If worse comes to worst, you'll need to pull the drive and mount it on another machine.