It wouldn't do too much damage.
Kilmarnock are a club who pay our taxes, and year on year are significantly reducing our debts. So the death of Rangers would mean we're minus two Old Firm gates a season.... Great.
Moreover, any time I'm in Kilmarnock town centre you very rarely (if ever) see a Kilmarnock shirt. No, it's always Rangers or Celtic. So if one of those two cancerous leeches of society vanish we may just have a generation coming through that would support *insert dramatic sharp intake of breath* their local team. And that wouldn't be just a Kilmarnock thing.
So in summary, I hope Rangers die a very slow and painful death.