Ideally you want to tune it out with a chip.
The resistor tricks the computer into thinking it's working and pulls timing and fuel at part throttle. Since the EGR isn't really there, you will run slightly lean.
And yes, the EGR does help with fuel economy because the air being recirculated is inert and will not combust. It reduces the amount of combustible air ingested thereby reducing the amount of fuel needed for part throttle cruising. Removing the EGR removes the inert gas resulting in more combustible air, however without tuning it out, you will stil run lean due to the EEC pulling fuel thinking the EGR is functional.