Hi! I just got a 1994 Mustang (3.8 V6 Auto Transmission) last week. Lovin' it

... except for this problem....
For you guys who want me to get to the point right away, here's the question:
**Assuming I have a damaged "cat", Can I "punch" or somehow remove the catalytic converter(s) without damaging the engine until I can afford to put on new ones? (I'm not concerned with the legality or how fast I can do 1/4 mile, I just need a temp fix until I can afford to purchase new converters)
Ok, here's the background info--
When I start the car or have been driving a bit, it idles smoothly around 700rpm or so in Neutral/Park, and when it is put into gear it bogs down pretty bad, dropping slightly below 500rpm, then bouncing back up; I can hear a metallic rattling sound that seems to be coming from the exhaust underneath the drivers side door.
For the first five minutes driving (street or highway), the car will accelerate normally, then....
1. I let go of the accelerator and coast -OR- slow down for a turn -OR- come to a complete stop;
2. I press the accelerator to speed up, and the rpms drop to 1000 or below (as if it is shifting into 5th gear), there is very little acceleration response for 5-10 seconds.
3. IF I floor it, it will 'wake up' after a few seconds, and I have normal acceleration for a little while, then the cycle repeats...

4. If I don't floor it, it will slowly speed up, (feels like starting in 3rd gear or something), and MAY suddenly wake up and accelerate. (again, rinse and repeat...)
My roommate thinks it's a plugged catalytic converter based on the rattling metal sound, along with the other thread I read. I won't have the money to repair this problem for another month, I need a temporary solution!
Two questions:
**Does this sound like a plugged cat?
**Could I "punch" or somehow remove the catalytic converter(s) without damaging the engine until I can afford to put on new ones?
Since you'll ask, here's what I've done so far...
1. Replaced Fuel Pump, strainer, fuel filter, ran Lucas Treatment through a tank of gas-- no dice.
2. New Spark plug wires, spark plugs.
3. New MAF
4. New IAC
5. Cleaned Air Filter (K&N)
The above items helped me empty my wallet

, but did not effect the loss of power/acceleration while driving.