I'd go ahead and ditch the cats... All a catalytic converter does is "supposedly" reduce the amount of toxic gases by turning them into carbon dioxide
http://www.howstuffworks.com/catalytic-converter.htm
I, for one, believe catalytic converters do more harm than good. If you remove it, your horsepower will increase by 5-15 (depending vehicle, it's condition, and the condition of the cats) and MPG's by 2-5 (this is almost universal, my 1984 Camaro showed a 4.5 MPG increase...)
Sometimes your amount of torque will suffer, but it really depends on all of the factors involved.
A catalytic converter causes you to buy more gas and therefore speeds up our comsumption of it. I look at it this way: the better gas mileage my car gets, the less money goes to OPEC (countries such as Iraq and Iran) the less of my money that gets sent to OPEC, the less they have to spend on weapons that are going to hurt my country and the less they will be able to charge for gas because I won't need it as much.
Unfortunately, the EPA doesn't see it that way and requires us to spend much more on fuel than its worth because catalytic converters drop your MPGs so bad..
The choice is yours, I, for one, have had the cat(s) gutted on all but one car I drove... Haven't had time to do the one on the T-bird yet....
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1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4
tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".)