The EGR valve is used to cool the combustion gases. When the combustion gases get to hot NOX emissions get to high. By recirculating the exhaust gases it cools the combustion gases and lowers NOX emissions. A side benefit of the lower combustion temp is a slight decrease in detonation issues. If the EGR is removed, there is usually no difference in driveability, but there is a change in emissions out the tailipipe. And since the EGR is not used at WOT there is no affect on performance either.
You can just leave the wires unplugged and taped up out of the way. Depending on the year of the ranger (is it factory EFI?) you will get the check engine light on because of the loss of all of the emissions stuff, but it really will not hinder the operation of the engine. I deleted the EGR and smog pump, air injection system et all and cut the wires out of the harness, and removed all of the vacuum hoses and related switches, both in the engine compartment and inside the inner fender, and one last delete was the check engine light bulb! Engine runs fine, engine compartment looks clean, only people mad at me are the smog Nazi's. But since it is not a daily driver I can live with myself.