2000 Dodge Caravan EGR Valve

The EGR valve is to reduce heat by allowing exhaust gases into the combustion process, there by reducing NOx which is a big problem that can destroy the air all life breathes. The catalytic converters(3-way) today also helps. It may cause your combustion heat to make the engine 'ping'.
And no amount of timing or fuel octane changes will get rid of it. I would not run it too long, because of the heat, and possible damage it can cause. I don't think it will harm your exhaust. Ok
On a 2000 an engine miss can cause the converter to heat up red hot. I would just fix it as soon as you can, but I know how hard it is these days. If all else is ok, with your engine it will be ok for a short time.