I've successfully worked around the failed EPR valve on my '92 SC400 with 215k and kickin' you know what. Lexus wanted about $674 for that valve, and even at a discount I could only locate one for $546. A junkyard unit worked for three days before it, too, disintegrated. The rubber just doesn't hold up. (Heck, half the wire connectors on my ignition have all self-destructed.)
But the solution is simple. You'll need a 2" square piece of 1/4" aluminum, quality gasket material and hi-temp silicone sealant.
Remove the failed valve flange assembly from the valve body, accessible via the four phillips screws. Machine the aluminum to about the same size as the outline where the valve went. Create a plate from the aluminum and drill the four holes necessary to mount the plate to the EPR. The red stuff is Loc-Tite on the four phillips.
Cut a gasket to the same size, and when ready, use high-temp silicone to line the area where the gasket will fit on the EPR. I suppose lining both sides wouldn't be a bad thing. Careful not to put too much on - a thin finger glaze will work. Mount the plate and gasket to the EPR, tighten the screws like you would a four-stud tire (cross-wise), and then wait a day for the silicone to cure. Cool your heels. They'll be cooled soon enough by your working AC!
The next day, put your vacuum pump on and clear the system out. If the vacuum holds for a half-hour or so, attach your refrigerant tank (I used Forane 409a). Purge your lines, and then introduce the refrigerant. Note: 409a goes in as a liquid - otherwise you can destabilize the gas mix that makes up 409. I loaded about two lbs (I measured it with a Pitney Bowes scale for accuracy).
I repaired mine over a month ago, and it's tight as a drum.
A note on the EPR: Denso (the manufacturer) has a great little 12 page booklet PDF out there that explains the function of the EPR. http://napabeltshose.com/file_display_common.cfm?thispath=napa_hc%2Fdocuments_module&file=AC_Fundamentals_2-Condensor_Functions.pdf
It's job essentially is to prevent frost on the evaporator in cooler, humid climates. I live in south FL and we pretty don't much worry about that. So I jumped it out. This past June saw days here of 96+ and I was just fine. By the way, my SC is black.