2 BBl Dual Exhaust

You are right in all aspects Chuck. I will just take it over to my exhaust guy down here and see what he says. At worst , I will just leave the cat alone, enlarge the piping up to 3" off the cat and run it into a single inlet dual outlet Flowmaster with 2.25 or 2.5" piping on each side with turn downs at the rear. It will look and sound better and may slightly help out performance.

You should swap out the cat for a performance one. Early cats were the pellet type and very restrictive. The newer designs are more of a honeycomb design and are more free flowing. Also, the head pipes on most factory vehicles are inefficient, you should look into redoing the exhaust from the manifolds and back.