Well, it will keep your intake nice and clean.
The "purpose" of the EGR valve is to redirect a metered amount of exhaust gasses into the intake stream to help reduce combustion chamber temperatures, which reduced NOx emissions (at the cost of somewhat increased HC and CO.) Eliminating the EGR will decreased HC and CO (which results from more efficient and compleat combustion of fuel) and a slight (in our case) increase in NOx emissions.
How do I know? Because I took my 87 to the Smog Nazis once upon a time, and failed. I didn't fail because of emissions (all of which were damn near ZERO,) I failed because he unplugged the EGR and tested it with a vacuum pump - and it didn't work.
I honestly don't understand why I'd failed - since my emissions were lower than most cars ten years newer. It proved to me that the EGR system is of limited utility (it was deleted in 1991, remember?) and there's no reason to have it in the first place. The AMC 242 runs "low and slow" enough for fuel to burn efficiently, which is why we "can" get such good mileage out of the thing (until you do gears, tyres, &c. Even then, it's better than nearly any Suburban, Expedition, Mountaineer, or other large SUV.)
It's important to remember that California came up with the idea of the EGR valve, just like California came up with OBD - and both are of dubious utility in reducing emissions. I say, get out of my way and let me tune my engine to run the way I want it to. I'll get more power (due to more efficient combustion,) better economy (due to more efficient combustion,) and reduced emissions (due to more efficient combustion.) Tuning and engine for peak performance is not incompatible with reducing emissions - the two actually go hand in hand, if you know what you're about...
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