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The AIR pump provides air into the exhaust manifold on start up burn HCs and quickly heat the O2 sensor(s). Thereafter the diverter valve directs air into the cat(s) to help burn HCs more efficiently.
You can eliminate it but, since you are in NJ, might be worth replacing it. I just put a new one in my '86 IROC before a recent Ohio emissions test and it cost about $150 from local Chevy dealer.
I never thought about the possibility of clogging the converter early. Maybe. The bearings in mine were making noise, so I took the DYI approach and started taking it a part. Long story short...I bought a rebuilt from Checker Auto parts for $29.95 exchange.
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.