So here is the scenario-

Sarco Plank is cloaked with Cloaking device. He is hit by a ship with Boba Fett crew who elects to remove the cloaking device with Boba Fett.

So..... Now Sarco can be cloaked forever and doesn't have to roll to see if he is forced to decloak because the card is gone..?

PS this is a round about way to see if Vizago can allow a scum ship to be cloaked forever. Also what are some thoughts on being able to use EMP device while cloaked? Possible, or no?

That's absolutely how it works. As long as the ship has the token, it is cloaked. The rules that power the cloak token don't come from an equipped card that go away when that card does.

Since the cloak action isn't having you skip your attack you should be able to use an EMP. It's not an attack itself, its something that you can do instead of attacking.

Black Market Slicer Tools and Feedback Array are other popular non-attack offensive cards to put on a perma-cloaked ship, although obviously since those are both Illicit, they require Vizago to set up.

The FAQ entries on whether or not EMP will work are actually kind of a mess.

The Weapons Disabled Tokens rules use the same language as the Cloak Tokens rules do. Weapons Disabled Tokens prevents using Feedback Array.

The Blinded Pilot crit (TFA version) also uses the same language as the Cloak Tokens rules do. Blinded Pilot does not prevent using Feedback Array.

I still think it's silly that Cloaking Device makes you discard it after it fails. The 25% failure rate is enough of a drawback even if you can recloak the next round.