Title says it all… will you be ignoring GIPS? It’s just 5%, if it even comes up, and we know how big of a pain in the ass it is!
I feel you man…I won’t be ignoring it completely; I’ve spend about 4-5 hours on it already and will give it a fresh go much closer to the exam to try to cement the 10-15 most important things from it. Other than that, it’s a huge time sink that, as you say, probably won’t be worth too much on the exam. The nature of the content is also such that it’s just rote memorisation so in my opinion it’s the lowest “bang for your buck” in terms of study time.
So yeah…I will not be spending copious amounts of time of it, that’s for sure.
At the risk of sounding like a d-bag: why would I ignore something that could possibly be tested? Seems silly.
Gips is most likely tested in every exam as more focus is held on ethical reporting. Normally it comes in the afternoon session (multiple choice) and if you know the answer, it’s quick and easy points.
If you are confident about other items, you may ignore this. Given that morning session is tricky and you want to score as much as possible in the evening session, I wouldn’t completely ignore this. Make a cheat sheet and keep referring to it every day for 10-15 mins. That’s how I banged this ugly topic.
I meant afternoon session. 
Spent two hours on it and might be ignoring the rest. Too little bang for your buck.
I tried to read it, and I was so bored after around 1/3 that i tried the CFA mock exams on the subject directly. Most questions were straightforward in my opinion. I just focus in a second read on less obvious point that came up in mock questions.
Overall it seems like an easy topic , at least based on the 4 mocks available on the CFA website