Removing cats....
Pros:
1)You should pick up about 8-12rwhp on the dyno throughout the RPM range. I did on mu 98 GTS with the exact setup minus the gears and flywheel.
2) Your side sills will be MUCH COOLER and they WILL NOT DISCOLOE!!
Cons:
1) On a 2000 your check engine light come on and stay on (=annoying). I am not sure if anyone has the made an adpater for the rear O2 sensor to trick it so the Check engine light stays off, but these are available on just about every other performance car out there.
2) Exhaust will be very loud and you will get hear tons of pops and flames shooting out the rear (personally I think the flames are a pro, not a con), but I don't know if the local police authority will agree.
However, you may want to try using Sean Roe's high flow cats or the ones made by Dynomax, Magnaflow, Random Technology or Buschur Racing. they are all good quality pieces. You should gain about 1/2 to 2/3 of the hp, loose the flames, and keep the check engine light off.
Let me know what you decide, and I am curious of the results.
-LTHL VPR