As I said the strip of fat running along the side of this steak is pretty thick. Ideally you want a thin strip around 1/8 to 1/4 inch in thickness. Don't worry about getting it too even but don't cut into the meat of the steak. Look to the corners where you usually find large chunks of fat. By reducing the fat to an even strip all the way down you will help the steak cook more evenly.
Trimming down this excess fat will reduce the risk of flare-ups on your grill and reduce the amount of drippings that collect in your grill. This will also reduce the amount of fat that is going to be collecting in you.
Yes, I agree that there are few things better than the fat off a good steak, but some sacrifices have to be made and it is far better to eat a healthier steak today than no steak tomorrow.
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