The lizard in DQ7 is not particularly important. In fact, if anything, it may be the least important thing about the game. Which is exactly why I love it so much. When I played the original Dragon Quest VII I spent the rest of the game wondering if the lizard would ever show up again. It did not (to my knowledge slash poor memory).
It's an extremely tiny thing. Literally. It is literally a little lizard that didn't have anything to do about anything. The opposite of Chekov's Gun. Toriyama's Lizard, I'll call it. That makes this all sound important.
With all the little details that have been added into this version of DQ7, I wonder what made the lizard of all things get the axe. A few pixels here and there to add a curious sense of life that isn't necessary, but just there.