1. Privacy Browser does not use a lock to indicate HTTPS connections, so this concern does not apply.
2. Reclaiming precious space in the UI is a valid consideration. However, the favicon does not just display the icon, but tapping on it also displays the SSL certificate information. If it were removed from the interface, that functionality would have to be moved somewhere else, probably somewhere in the options menu.
My general impression is that I am not included to make any changes in this regard right now for the following reasons:
a. I like the way it looks to have the favorite icon displayed. It is something I miss from some other browsers.
b. If I did implement a change, it would be an optional display option, so the user could decide if they wanted the favicon to be displayed to the left of the URL bar or if they wanted it to be hidden and an option menu item used to access the SSL certificate information. This is doable, but having multiple interfaces is more complex than might be readily apparent, and increases the time in the future that must be spent on regression testing to make sure that some aspect of this multi-interface design doesn't break when some other seemingly unrelated feature is added.
As such, I am unlikely make this change unless there are a large number of users who are in favor of having it. I will leave this feature request open. If you would like to see this happen, please add a comment below. If there are enough comments from enough people I will revisit the idea.