legality and enviro-correctness aside, the 4.0l will run and operate fine without the EGR valve. It was designed to aid in reducing combustion chamber temps to reduce oxides of nitrogen formation, but the "mighty" 4.0l engine is such a low compression, low RPM engine to begin with-- you'll never see exagerated combustion chamber temps to begin with. I've heard many stories of Renix era engines passing smog sniffers with disabled and removed EGR valves.
I would not condone the removal of any emissions related items as a permanant fix, but as a "temporary" bypass to allow you to get a new one, you shouldn't have any negative affercts from running without it.