^yes...and no. I for one believe that the stock cat is a restrictive SOB, and that the exhaust tone doesn't suffer much from removing it - as compared to the resonator. As for actual # gains...not so much, but if you're going to start dropping pulley sizes - you need to FIRST invest some money into the exhaust - ie; u-bend removal, and larger downpipe...if you're going to do that...get rid of the cat or go with a hi-flow cat at the same time...it just makes sense.
HP gains from porting the inlet/outlet of the blower (virtually none, BTW) will always be argued, but there is no disputing the fact that it makes the blower more efficient and that is a good thing. Lowering the outlet temp is very useful for future pulley drops and tuning.
My standard reply to fairly cheap and easy instant HP gains:
NOTE: You can find all of this used - check the For Sale section for demods, etc.
1) Delete the U bend, upgrade to a downpipe and remove the cat entirely or get a DP with a hi-flow cat. Avg. cost - $125 - $200
2) Get a set of 1.9 roller rockers and 105 lb springs. Avg. cost - $225 - $300
3) Drop spark plugs to one step colder, ie; Autolite 104's. Avg. cost - $20
4) Drop pulley size to 3.5", not 3.4. This might be harder to come by - it isn't a popular size and is usually a press-on style, where modular would be ideal. Avg. cost - $25
5) Tune, tune, tune. Nothing you bolt on, press on or remove will matter at all, if you don't tune the car afterwards. Avg. cost - Free/12 pack, etc...if you can find someone to help you out that has a tuner.
6) BONUS - if you can afford it - get with Trannyman95 and get 3.29's, a hardened 4th gear(not for performance, but longevity), and a shift kit installed. IMO - the BEST bang for the buck mod for these cars. You have to drive one with these to understand. Trust me.
Nick's (bluegtp91) post has just about everything you need in it. But the real simple rule of these cars is - they need to breathe, and they need to be tuned.
-Swash