^ If the cat itself is bad (clogged, or broken up), remove that heavy, restrictive factory H-pipe for an aftermarket off-road X or H pipe and add some MIL eliminators to the REAR 02 sensors and call it a day...
You'll gain a few ponies and lose a few pounds underneath the car. However the non-catted exhaust system will produce smelly fumes (some find this odor to be intoxicating), you'll damage the environment (meh, silly treehuggers), and/or may encounter exhaust emissions testing difficulty if you have to pass an annual test in your state for registration purposes (you'll automatically fail a visual inspection for lack of cats and the sniffer test too, although some aftermarket CATTED H or X pipes can still PASS a sniffer test, YMMV).
Additionally, you should be able to scrap the cats from the factory H-pipe at a local recycling/scrap metal yard to recover some of your money. That's what all the scrappers do anyways (especially the dishonest ones who steal 'em from underneath cars/trucks LOL).
I just got the car and it does have the Bassanni highflo catted x pipe. One of the cats are bad but not clogged .... so far. The previous owner installed Hypertech power programmer. He is sending it to me. I'm waiting to see if I can turn off the o2 sensors with it. If not I think i'll order the MIL eliminators to shut the check engine light off.