20hp from cat delete sounds ambitious. When I was shopping my exhaust mods, I was told, by several guys that sell them, like Corsa, that cat delete was good on the dyno for about 3-6hp. Wasn't worth the money, work, and emissions hassel to me. I think most guys delete cats due to coolling the car and sound. But that was a few yrs ago I got this vendor direct info.
On gearing, slow you down at 120mph, nah, this isn't an Accord. ;-) Yes, you'll not reach 193mph top end anymore, but how often are going over 175mph-180mph anyway? I have 3.07s and I only hit 180mph+ a couple times a day max (ok, not really), if I had the $, the 3.55s would be my next mod.
But the 3.07s do make this car very easy to drive, I find the Viper to be one of the easiest to launch & handle down the strip, due to the taller gears. That'll get trickier with shorter gearing.
I've done under-drive pulley's on other cars, but not the viper, my thought would be to just make sure they say there's no negative impact on cooling ... the last thing you need is something to reduce cooling.
Good luck & have fun, post updates.