Jack the cats, go with a Borla "cat-back" (can be had for less than $1,000) and get some niiiiiiice headers. Word around town is that when this combo goes a'huntin' on the toll road, little Ferrari 550's run and hide behind the gates of Casa de ******.
Seriously, I am totally pleased with the above combo and the noise/smell concerns raised by some of the ladies here aren't that big of a deal. First, while the noise may be pretty harsh while standing outside or watching the car go by, the noise inside the cabin really isn't that bad, especially at freeway speeds in 6th (with a 3.54 gear set). Secondly, unless you plan on camping out with the car in your garage, I don't think you'll have a problem with the smell, especially while driving. If you can smell the fumes in the cabin, cats or not, I'd be thinking exhaust leak. As far as staining the rear bumper, thanks, but that job was taken care of by the stock system and the niiiiiice little black specks it liked to throw. I haven't noticed any further problem with the no cat/Borla/Hennessey header combo.
As far as I am concerned, the only time the cats should see the car are when the smog man needs to do his thing. I'm not real big on the idea of spending $300+ for aftermarket high flow cats and then watching the packing from said cats blow out the back of the car at the track - as witnessed trackside by PMUM and several others. Anyway, speaking from experience, my opinion is in favor of the cat-less approach, especially in combination with any other exhaust mods.
WAR FLAMING, STINKING, ROARING, BELCHING SNAKES!!!!!!