I think the idea is that when you are on your period,. you are losing a lot of iron that you normally aren't. Many women get anemic during their period due to the loss of iron. During that time, it's ok to get a little extra iron. Unfortunately, I could not find any information on how much iron is in the inactive pills, looking on the prescription information (I'm on it too) or the internet, and all I found was that it serves no therapeutic purpose. So I'm guessing that there's really not much in there- it's just a filler.
However, it is true that too much iron can be bad for you- and if you are taking normal nutrition supplements you should tell your doc because certain herbs can interact with birth control (Just iron supplements are fine but if there are other things in it I would check it out. I read somewhere that 45 milligrams is really the limit of what you should take in a day. Of course that doesn't really help cause I can't find how much is in the inactive pills. There is nothing wrong with not taking the placebo pills, as long as you remember to start the active ones on time again.
So after all this rambling I guess I'd just say, either don't take it or ask your pharmacist.