It seems like this option exist, but the entire geolocation editing page doesn't seem to be functional.The address is http://twitpic.com/media/editLocation/[your_image_code]It's possible to remove the location data prior to the upload, but I'd like to try and remove it after it's been uploaded.Thanks.
Removing/Changing an image geolocation data on Twitpic (after it been uploaded)
twitter;geolocation;twitpic
Okay, I've talked with their tech support and it was broken and they fixed it.