Anyone grind down an ejector shroud on a M206? I hate the look of ejector shrouds.

I don't own one. I just looked briefly at pictures online, it doesn't appear as though there is a locking bolt on the barrel, and the cylinder only locks into the frame via the bolt.

If that's the case, you could likely grind the shroud away with ill-effect, especially since the revolver doesn't have another form of lock-up. That being said, if I was doing the work, I personally would add a ball bearing lock to the crane, just for a bit of reassurance, although it likely isn't needed.

Lock up on the M206 does not involve the ejector.  You could cut the shroud away and it wouldn't have any effect on the guns function.  Hell, if you do an ugly job of it, you ruined the appearance of a rough finished $200 gun.  I'd like to see pics of the job after.