I dont think lollipopping is a good idea, but you can take off very lowest side branches if it makes watering them a problem (i did this today, because the loest buds never get very big anyway and when i watered them the lower branches just drooped and lay on the soil plus teh watering can nozzle was just bending the branches...making it alot more stressful)
but no, complete lollipopping is not a good idea, only the lower branches if they are a problem for you.
I have topped one of my ULH (see the latest post in my sig) and she now has four main colas and is jut as tall as the ULH that has been untouched. In her case, i think that lollipopping could be beneficial because she will already have 4 main colas.
Dont cut ANY branches until the plant has reached a good height. If you are topping, i wouldnt do it past week 3. I topped at the 5th node at week 3!! If you are lollipopping, i wouldnt do it before the start of week 4, or after the end of week 4, generally speaking from my own experience with how fast mine have grown.