The Tracking Profile Editor (TPE), allows the user to add or remove tracking profile without having access to the a .BTT file (not possible with bttdeploy.exe).

Tracking Profile Editor> Tools > Remove Tracking Profile

It is possible to apply a new tracking profile without first remove a previous profile. When applying tracking profiles, sucessive profiles are stored and only the last one is active (hybernated activities will continue to use the older profile until completed). When removing tracking profiles, all profiles are removed. This makes it very handy in development mode.  However, I came upon this error today when I tried to remove my profile:

Failed to remove the tracking profile. (Microsoft.BizTalk.Bam.TrackingProfileEditor.MainForm) Error removing tracking profile for messaging. (Microsoft.BizTalk.Bam.TrackingCompiler.MessagingDeployer)

Normally, the TPE is able to remove the tracking profile even if I make changes to the in memory copy. However, this time, it had difficulty resolving the differences. So I had to exit the TPE. I reloaded the TPE, imported the BAM definition, and then removed the tracking profile successfully.