It's not legal to tamper with the emissions control system, which includes the catalytic converter. If you live in an area where they inspect vehicles for emissions, you'll need to keep the cat in place. If not, then you're ok for now removing it, unless someone finds it. If you do remove the cat I suggest doing so in such a way that it doesn't get destroyed and keep it someplace safe incase your area ends up testing one day, since they're not a cheap item.
Of course it's up to you to decide what you do to the truck and balance the risks of doing so versus the rewards.
The cat test pipe is just how it sounds, a piece of pipe to replace the catalytic converter after you cut it out.