Actually, I believe with a supercharger(03Cobra like a little back pressure)it is the opposite. HP decreases without cats!!! I could be wrong but that is ewhat I remember
The high flow cats are not going to cost more then a few HP and it will keep the inspectors happy at inspection time. You will not need change out the pipe or find (and pay for) a blind inspector either. That gets old after a while. I am well over 700 RWHP (click "Dyno Sheet" in signature) with a complete emissions system.
I had a cat blow out of an earlier exhaust system with a MRT H-pipe. It was noticeably louder in a ringing sort of way.
My old GT500 had 700+ to the tires with a Kooks Catted setup... worked great,sound was ultra mild....easy on the ears. Was great for long trips...yet loud when you got on it. Perfect IMO
You won't lose more than a few hp. Honestly catted is the way to go. Especially with high flow cats that are on the market these days. They flow well and absorb some sound. I'd say from going to o/r from catted, that you would gain about 4-5x the sound.