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Yep, you have a 96 like me apparently. I had an O2 sensor heater error code and discovered that one of the wires were burned off on the sensor in the back of the CAT. I didnt bother replacing the wire and bought a new sensor instead. Guess what. I had another code pop up telling me that my CAT was bad. It was. All of the screen in it had broken away and the CAT was just an empty can.
I bought the Bosch model at Advanced Auto for 49.99 on sale. (last year).
I bought the right side CAT for 157.00 complete with shipping from Eastern Catalytic part no. 50212. It had all of the corvette brackets and O2 Bung holes attached. It is also smaller and lighter than the GM cat. GReat item and price.
So...based soley upon my experience. . . ...it is either your CAT, wiring, or the O2 Sensor itself.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.