PS: You can get no-name catalytic converters for about $50 brand new. You can get a 3" hi-flow for under $80, but you don't need that. Most exhaust shops will install a cat for about $30 if you were smart enough to measure your exhaust and get the right size part.

I think I'd rather buy a new cat and be done with it than go through all the trouble of mangling an already worn out part and bolting it back on, then expecting it not to be a rusty, leaky POS. If you really want the cat removed that bad, go to an exhaust shop, sign a waiver releasing them of liability, and have them chop it off and weld a straight pipe in. Probably cost you $25... about a third of the cost of replacing it... and it won't sound like a can of bees.