I have messed around and tried blanking the EGR on my Jag diesel, but it's an older style, vacuum operated valve, so no position sensor.
Some later Jag D's had a position sensor, that why I know the hole in the blank works to fool the sensor.
Blanking is only worth it as a cover up/test for a knackered valve, it's it's stuck open it will upset the fuel/air mix when it's not meant too, causing a sooty black exhaust, lumpy running and hesitation, they can often failure to start as it's trying to burn exhaust and as we know, there's little oxygen in that.
Most think the reason they fail is because they block/gum up.
Oil vapour from the crankcase vent is plumped into the air intake at some point, usually just before the turbo and it gets blown/sucked along the air intake/intercooler where it meets the hot exhaust gases which are full of soot.
Mix the two together and you get the most disgusting gunk that will gum up anything it touches.
So to save the valve, you could try removing the oil vapour, say run the crankcase vent to air (not a good idea, you dumping oil on the road) or run the vent through a baffled catch tank like this and back into the air intake.
With any car over about 50k, it probably worth cleaning out the valve and intercooler anyway, the gunk can restrict the air through the valve and the oil bungs up the passages in the I/C reducing it's effectiveness.
Mpg and power improvements will be hard to notice with a blank though, a good EGR system will only be 2 or 3% less fuel efficient because of it.