Do you have a sensor that screws into the plenum between the EGR valve and the rest of the intake? If so, it'll throw a code. Earlier federal emissions Q45s had a bolt there instead of a sensor, but I'm not sure when the change took place.
As you probably know, the EGR system is designed to reduce detonation... essentially an octane booster that turns on at certain engine conditions. If the knock sensors detect spark knock, the ECU will adjust to a richer fuel mixture in an effort to eliminate the knock and protect the engine. A richer fuel mixture will reduce power... So yes, you could potentially experience reduced power. If your plenum hasn't been cleaned recently, it's very likely that the port from the EGR is already blocked with carbon. It takes a 90 degree bend right before it enters the intake. If you want to experiment with the EGR, feel the bottom of it to see if it lifts and flutters as you slowly rev the engine at the throttle body. You can also press it up manually at idle and see if the engine chokes down, to have an idea of how much flow is actually getting to the engine.
If everything is working and you want to disable it to see how things will perform, you can just unplug it's vacuum control solenoid.
Here's a picture of it... the green arrow is where either the EGR temp sensor or bolt screws in. The red is pointing to where the EGR actually feeds into the intake.
Heath