Wayne, he's talking about the Exhaust Gas Recirculation valve not a Positive Crankcase Ventillation device (valve), of which there is no PCV valve per se on his car.
Larry, I don't see any negative effect by removing the EGR. The return tube is probably clogged up with exhaust particles anyway.
I just ran my finger around the inside of the tail pipe and asked myself, 'do I really want to sent this stuff back into the combustion chambers ?'
No timing issues. I'm always tweaking carbs, so I don't recall if I made any adjustments when I removed the EGR, but I don't see why it would be necessary