If your engine is stock, the extra boost doesn't give you any extra power. In fact it takes a little extra power to make the boost you don't need. You are correct in assuming the wastegate won't open. I doubt it will hurt anything but unless you have a set of gauges (Boost and EGT) it's hard to tell what's going on in your engine. You can't go wrong with a set of gauges even on a stock engine, if yours is even stock. If it has more mods than just a disabled wastegate, all the more reason for gauges.