Yes, if the EGR is clogged and closed then the exhaust gasses are blocked at the EGR valve. But I would disable it by disconnecting the top vacuum line. That way if you hit a hard bump and free the carbon and the valve starts working going down the road, it doesn't screw up your new dizzy curve and timing advance. Make sure you cap the Q port on the modulator though because it will be a source of a vacuum leak at certain rpms and engine temps. Q gets vacuum from ports P and R.
My understanding is that port P on the modulator gets vacuum from the carb (passenger side) once the throttle plate opens to a certain degree. And port R gets vacuum from the another port on the carb but opens via the EGR VSV which opens from a signal from the emissions control board/IG coil and the BVSV
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