It appears I have a female Sago as there in a large formation in the center of the palm where the new fronds come on. Do I leave it or should I cut it away?? If I should be advised to leave it be- does it change how I care for the plant going forward?

Leave it. Removing it might damage the main growth point of the Sago. New fronds will grow through the spent flower. Care is the same but expect it to bloom every spring from now on.