This is almost always a bad idea.
If no memory is available where a page file would make a difference, this leads to application crashes instead. A crash is (usually) worse than paging.
Certain applications, Photoshop being the historical example, will outright fail to run with no page file present.
> this leads to application crashes instead
Same happens if the page file is full. In that case, why don't those programs use disk directly instead?
No such problem would've ever occured if programs hadn't allocated more than they actually use.