Blaster,
I'm in a very similar situation to yours. I've gutted the front cats and removed the rear cats as well. I know that I'm not going to spring for a new pipe until I get my combo finished.
As far as power gains, you will probably see a few hp due to the exhaust not becoming so turbulent in the hollowed out spaces where the cats used to be. Also, if you did an X-pipe, you'd likely pick up a few more and a great sound to go along with it.
--nathan
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--silver_pilate
'91 GT, Built 306, Wolverine 1087 cam, ported Windsor Jr. Irons, and all the goodies...click the link to the left to see a full list of my mods...
Tried and True 302 Being Built to Outrun You! heh heh heh...
--Texas Panhandle--
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