Unless you have emissions testing, I don't think you'll have many problems. You may lose a little fuel economy (depending on driving style) and have to watch for pinging because of non-functional EGR, but I think you'll run okay. Just don't disconnect any of the vacuum lines or wiring to or from anything connected to the EGR system. Troublecodes and the check engine light will pop up quickly. Hope this helps.
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Capri306, Moderator, The Mustang Works Online
1979 Mercury Capri, 5.0L -- C4 -- 2.73
1987 Mustang LX Notch 
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