SAMMYTHEBULL,
I have a '98 GTS, and removed the cats + installed a Corsa Exhaust system. What I love: The performance, sound, and cooler side exhaust covers... What I hate: Check Engine Light, Surging problems, backfiring, discoloration of the paint above exhaust tips (removed with clay bar), and over powering smell of gas inside vehicle.
I did a lot of research on this subject, and you basically have 2 choices that I am aware of:
1.) Go with the snake box, or another rear O2 sim. This SHOULD, from what I've heard - no direct experience, correct the check engine light and surging problems. I believe the smell of gas will not go away, backfiring - not sure, discoloration of rear - not sure. Cost - $229 **** Note: Before making this purchase, I would try on remove the rear O2's. Mine were not removable with normal tools, and had to be heated and broken loose at a muffler shop. This could increase the cost of this job. (I had to remove my rear O2's to install my new Corsa Exhaust).
2.) Go with 2 High Flow cats. I decided to go this route. I purchased them from Sean Roe at $125 a piece (Ovals). He claims the HP loss is only 1-2 HP, basically - no difference. The exhaust node volume only decreased slightly. The side seals are hotter than no cat, but not nearly as bad as stock. No check engine light, no gas smell, no backfiring, no rear discoloration. The overpowering smell of fuel/fumes was just to much - for me. This job will cost slightly more than doing the snake box, but consider this.... If you ever sell your Viper you will have to have cats on the car anyway....
Hope this helps.......