I had braces for about four years, jaw surgery, and I'm now on retainers for the next four months. It's my dad's fault, damn his genes...
Anyway, braces will always be quite painful and irritating for about a week, after that, you really don't need to worry about them. They'll just become part of your daily life, no more of a burden than brushing your teeth.
You might need teeth removed if there's overcrowding, it varies from person to person. I had four taken out, but not my wisdom ones. If it's just one tooth, I wouldn't have thought there to be any reason to have your wisdom teeth removed, but you can always ask your dentist about the kind of treatment you'll be getting.
At the end of the day, you have a choice between wearing braces for a limited time, or having misaligned teeth for the rest of your life. If it's not that bad then maybe you can live with it, I don't know. You have to decide yourself.