Todd-
Strictly from my experience, I had no issues what so ever on my 89 Burb that I dropped in a Vortec 350 with the EGR delete. The light would trip on the highway randomly, but would never cause any adverse effects. Also, the light would turn off once you turned the truck off and restarted it. My ECM didnt seem to concerned with it.
Additionally, I talked to a few chip burning shops and customefis, all of which reported that it was not necessary to have a chip burned to simply remove the EGR. They told me to just deal with the light unless I really felt like spending $250-300 for a new chip.
Just my $.02