Gas Mileage???

The best thing about an EGR valve is that it closes at a lack of vacuum, AKA, wide open throttle. During normal operation, part throttle, the valve is open recycling exhaust gas from one exhaust port only. (Small block at least.)
Since at the cruise stage and modest acceleration, the performance factor is not missed.
In theory as long as you keep it clean yes. They are still a problem on many new models, especially diesels.