Brad, you'll notice they don't make cars without bov/bpv's anymore... there's a reason for that.
The early 2.3T didn't have an intercooler either, and we all know the benefits of them :confused:
One of the major things that will happen, especially under higher boost - you'll start to pop intercooler couplers & hoses. And again, it has long term detrimental effects on the turbo.
Plus, recircing, and even venting, keeps the turbo from stalling completely & offers better performance (as opposed to running nothing)