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It's hard for me to believe it when you say that the cats on an almost 20 yr old truck are not restrictive. I've seen the honeycomb mesh inside the cats ,and if you think that is free flowing and not restrictive is confusing to me. You said "todays vehicles" . A 2000 truck is 18 yrs old ,and isn't classified as one of "todays vehicles".
Here is a pic I found online. for 97 through 2003 exhaust systems with cats and where their 02 sensors are located. So with this what would be the best way to go?
If your CATs are not damaged, they are not restricting anything. Now, if you were looking to get 850hp at 12,500rpm, the CATs might present you with issues of airflow that you would reasonably want to solve. But if you are driving your truck down the interstate at 80 (because nobody does 65), then your CATs are not a problem unless they are damaged. The CATs are bigger than the exhaust pipes precisely to keep them from constricting airflow.