I find it odd that the op has a catalytic converter in a 74. There is a thread I started about catalytic converters in 74 because I have a late build 74 duster and it also has a catalytic converter.
Either way, like you say .......all that old stuff needs to hit the junk pile and a nice new exhaust needs to be installed. Just found it odd that I am finding a few 74s with cats when I previously thought it was 75+ thing.