Not really for me, no. It's relatively easy for me to ignore hunger until the point at which it becomes physically painful, and if I only ate when it was physically painful, I'd eat probably one meal a day.
It would likely stop me.
I can understand this. I actually did ignore hunger until it was physically painful today. Even though it was only like 24 hours. I thought it would take more for me, but whatever. Anyway, I can ignore hunger easily enough when that's all it is. More often than not, if I eat something, I do it because of what I'm eating rather than just because of hunger. If food had no taste, I'd probably have to push myself to eat when I'm not actually feeling ill from hunger.
Even if it's not something I especially want at the time, taste is a big part of my drive for eating. Simple hunger doesn't bother me enough to make me eat something, but thinking about what I would eat will make me bother to actually eat.
If hunger was anyone's only incentive to eat, we'd have a lot less overweight people in the world. If I simply didn't care, I could probably weight a lot. It would be easy enough to eat things just because they're there and they sound good at the time. It doesn't really matter if you're hungry or not.
For that matter, I'd imagine everyone feels it at least once in a while. Aren't there any cases where you might eat enough during a meal to satisfy your hunger, but still feel like eating a dessert you may see? It's not hunger, but you still want to eat it.
I tend to fall victim to that kind of thing once in a while, so I'm careful about it. I've got good self control to begin with, but I make sure not to keep too many things I like in the house at any given time. Otherwise, I want to eat just because it's there. I don't want to get into a habit like that. As things stand now, I pretty much only eat at meals with an occasional snack. That's good enough for me.
As for the original question, writing this made me think on it a little more. I'm not entirely sure I'd go with taste. I know smell would help me more in some dangerous situations, but taste is nice to have. There are more things I could say I like the taste of than things I like the smell of. Even if food would taste different without a sense of smell, it's better than simply having no taste at all.
So I'd probably choose to give up my sense of smell. There are a lot of things I'd rather not smell anyway. I would probably miss it, but I can't see myself missing it more than taste. Unless I happen to get involved in a fire or something and not notice it. That'd kind of suck.