Here's another thing that hasn't been brought up very often. If you live in a state with emissions testing of any kind and you fail for some reason you may have to have the car inspected or repaired by an emissions certified repair station. That is the case here for example.
The problem is if you have removed any OEM emissions equipment, or altered it in any way, you will not receive a waiver. This includes CATs as well as rear O2 sensors. This equipment must be on the car in order to receive a waiver as long as all other requirements are met. In some states you can't get a waiver if the car has less than 50,000 miles for example.
In states that have a visual inspection, like California, and the inspector takes the time to look and knows what to look for, you would fail if you didn't have CATs or rear O2 sensors installed.
Technically it is illegal to remove a properly functioning OEM CAT. They can be replaced with an aftermarket CAT only when the OEM CAT has been damaged or rendered inoperative for some other reason. In fact, the replacement is supposed to come with a certificate from its manufacturer that must be signed by the vehicle owner and installer and kept on file for six months by the installer.
Just for the record, my OEM CATs were damaged in an off-road excursion and sadly, as well as at great expense, had to be replaced with Random Tech high flow CATs.