Yes, she is important, very important to the Christian faith. Yes, I am a Lutheran, very Lutheran. But I have been thinking about the Blessed Virgin (I know, that sounds Catholic or Orthodox, but she most certainly is "blessed"; Luke 1:28, 45, 48 [especially]), and her central role in the Christian faith.
First, I do not in any fashion advocate Mary as an intercessor or mediator, "for there is one God, and there is one mediator between God and men, the man Christ Jesus" (1 Timothy 2:5.)
However, to totally kick her out of the picture is unfair and I believe dangerous. She is the very Mother of God, the gottes mutter or theotokos or mater theou (Ap. XXI, 27; SA I, IV, Latin; FC SD VIII, 24.)
We confess that in all three ecumenical creeds (conceived of the Holy Spirit, born of the Virgin Mary...incarnate by the Holy Spirit of the Virgin Mary...and man of the substance of His mother.) Besides Pontius Pilate, she is the only other person mentioned in the creeds.
Without her humility, her obedience, her favored position, we would not have a Christ (granted, God certainly could have used someone else, but her faith was great.) She is the human part of the equation. Her humanity is the reason Christ was able to die for the sins of the world, including her own sinfulness. And while I will not worship or pray to her, I will certainly give thanks to God for her often. I will remember her in my devotions, and I will look to her as an example of an obedient and humble servant of the Most High God.
I also would encourage the celebration of her feast days in the Lutheran Church (i.e., the Feasts of the Purification, Annunciation, and Visitation,) as well as the feast days of other pillars and defenders of the Christian faith (i.e., John the Baptizer and Forerunner, Peter, Paul and the Apostles, Luther, Augustine to name a few.)
Some may think I've lost it. Maybe I have, but that should really be a given. The Blessed Virgin Mary is an example of pure love for Christ, of obedience to the Holy Triune God, and the bearer of Salvation for all humanity, including her own, in the one perfect God-man Jesus Christ.