LOL!
Just having this same talk about cats and headers (mostly headers though) over on the 1st gen side!
Not sure about the 5th gen, but a 22RE 4 cylinder, no cat combined with a quality header and a good exhaust system not only gives a nice gain in performance, it also increases mpg by almost 2 points!
If I can keep out of the gas pedal, and keep my truck under 65mph, I can get 21-22mpg on the highway, this is with 35's!
I also have a "hi flow" cat for the truck, and while its on, I notice the vehicle is slightly less peppy and sluggish when I get on it (which is a lot when you have 4 cylinders and 35" tires, even with gears!), but not as bad as a stock cat.
As for the 5th gen, there's just too much ecu stuff going on to even bother with it. Toyota uses wideband sensors now, which is calibrated by receiving data from the rear 02 sensor, and the only company I'd suggest would be Underdog racing, but have no experience with them, so don't take my word for gospel!
Ahh, the good ol' days, when you could just cut the cat out and race your friends! They'd all be wondering why you just pull away from 'em when they have the same damned truck you have!!!:gun5: