Buy an off-road pipe, don't cut your cats off. You will want to keep the stock H-pipe.
Removing the cats, raises the torque curve slightly and increases top end HP. On a street car, it would be more beneficial to keep the cats as it keeps the torque curve lower and flatter in the usable range for the average street driven car. Most people do it for the sound though, and never take into consideration the change in their powerband. Depending on the car, it can even make you slower (off road exhaust with stock 2.73's and stock 5.0 for example) As long as you don't go with 5" piping from headers back, the curves of the exhaust is more than enough backpressure to promote exhaust scavaging.
if you do cut the cats off, keep them. Don't let the muffler shop take them. Go to local junkyard and ask if they will buy them. Converters contain platnium, and they sell for decent money.