Wanting to remove AC and power steering from my 2.4 L turbo SRT Neon, will this affect me in timing or any other adverse effects?

Has nothing to do with timing. If you are doing this to gain usable horsepower, don't waste your time ruining the vehicle. The A/C uses no horsepower when off, and on some vehicles the compressor goes off under extreme acceleration. The power steering might use 1% and I wouldn't want to drive it without.

You might lose 20lbs of mass but who wants to drive without AC?

Was more looking for freeing up engine compartment space , heat distribution and air flow?

Maybe you could vent the hood or fender panels like you see on Vipers and Vettes, but I would keep the A/C and P/S.