gg250cc wrote:... if the egr puts fresh air from the intake into the exhaust stream ...
No, other way around. I believe the above is achieved through another valve, but am not certain.
It feeds exhaust gasses back into the intake manifold to aid in reducing tailpipe smog. Since this recirc'd gas is highly inert, it will not burn in the combustion chamber. This doesn't exactly help performance, but it is only(rarely) noticable at lower RPMs. It will however, help to bring the engine up to proper/efficient operating temp. At that time the recirculation should be minimal anyways. There's tons of info on what exactly(chemically) this valve is to achieve. google it!
IMHO, if you don't have emissions to worry about, take the sucker off and cap the intake(don't forget the exhaust feed too!). If you must keep it, take it off and give the ports a good cleaning with some good 'ole carb cleaner. They can be quick to clog.
[edit] And no, you will not gain anything by removing it
HTH-Slip