The flip side to that problem is if the players think the content (time/actions spent gathering the keys) is tedious and not worth their time. That would invalidate the gathering content AND the peerless content.
As a few have pointed out, gathering many of the keys in an exercise in RNG frustration, and is, quite frankly, boring. Consider the amount of time it takes to start a Corgul run compared to a Lady M, Travesty, or Dreadhorn. Dropping off a map and a few minutes of sailing compared to an unknown amount of time due to the fickle RNG key drops. This, of course, doesn't even touch the disparity in the perceived value of the loot, as Corgul drops far more desirable items than any peerless. Another potential invalidation.
In any event, removing timers from keys doesn't invalidate the content which generates them, after all, someone will still have to engage it to attain the keys. Removing the timers will simply allow those who want to do a peerless run either the liberty to take their sweet time in acquiring the keys, or to purchase them from someone who might find the gathering content entertaining.
Being able to have a stock of keys, which still have to be gathered anyway, isn't going to harm the game. Less grindy tedium in UO would be greatly appreciated.