SSalzer,
I would not reccomend gutting a cat, go check the price of a new one at the dealership, big bucks!!!!!! If you get a test pipe and a pair of band clamps it's a 15 minute change out anytime you plan to go racing or offroading to swap the test pipe in place of the stock cat. The first time is a bit of a bear to get it all loosened up, but after that and using band clamps it's no big deal. Plus the flow is considerably hampered by just knocking the catalyst material of of the can, the exhaust is in there bouncing around looking for a way out to some extent. They are available in 409 stainless like the stock system and aluminized too.
Mark @ DPPI