EGR does not require different carburetor jetting. For a given amount of oxygen in the cylinder, there needs to be a certain amount of fuel. Exhaust gas is inert and will not change the ratio of fuel to oxygen, nor will it react to combustion, it only takes up space in the cylinder so less of the same fuel-air mixture can be admitted. The ratio of fuel to oxygen remains the same, only there is proportionally less of both. Aside from cooling combustion, the side effect of inert gas dilution is it makes your engine effectively smaller in displacement.
Benefits of EGR:
When EGR is operating, less throttle is needed and this increases fuel economy, though with less burnable mixture, the engine will have less power and the throttle plates will need to be opened further to attain the same output. In that way, the situation offsets pretty equally.
EGR cools combustion, resulting on less stress on exhaust valves, spark plugs, piston heads, and the engine cooling system.
A 1973 engine with EGR produces 1/8 the emissions of a 1960 engine.
EGR is not in operation at idle to maintain idle quality, nor does it operate under hard acceleration or load.
Downsides:
3 vacuum lines for most systems. Oh my gosh, how could we possibly manage!?
Can cause carbon buildup in the intake system.
Valve requires maintenance or it'll gum up and malfunction. "Wait, you mean cars need attention!?"
It's guvment interference in our daily operation of vehicles, which instantly makes it an evil first step towards communism in the minds of scared people.
People don't do their own research about how it works, and believe what the scared people above, or quite simply people who have misconceptions about how it works, say about it. Just because someone has been building engines for 40 years doesn't mean they know how EGR works.
1972 Wagoneer: 360 2V, THM-400, D20, D30 closed knuckle, D44 Trac-lok 3.31.
1965 Rambler Ambassador: 327 4V, BW M-10 auto, AMC 20 3.15.
1973 AMC Ambassador: 360 4V, TC-727.
1966 AMC Marlin 327 4V, T-10 4 speed, AMC 20 Powr-lok 3.54.