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Unless you have a really pumped up engine (bored and stroked or pumped) you will only see 5 maybe 10 HP if anything! What you will see (SMELL) is a lot more un-burned fuel and hydrocarbons!!! The smell can get so bad that some people have reinstalled the CATS!!
Re: removing catalytic convertor (addicted to race)
it's not worth the work, and the smell is so bad it'll always stick on your clothes. If you have a turbo-charged engine that would be a different story. I used to have a Supra Twin Turbo, and it picked up a lot of power after I removed the cats.
If you plan on going with a blower the cats being removed will help the motor breathe easier i had 3inch exhaust & a vortech b trim long tube headers on a 302 & it was nasty @wot btw i have no cats on my vette right now & i have no burnt gas smell on my clothes nor does it smell in the car .If your outside the car while running you will notice a gas burn smell as far as the gains on a modded car it will be more than if you had cats on it.Then you have to ask yourself can you handle the tone thru out all the rpm levels that you will be running your car .btw It will be loud if you run no cats thru lg tubes & a aftermarket catback