Personally I'd stay away from gutting the pre-cats. The only thing you'll really gain is the fact that the motor WILL rev alot faster. As far as your CEL, gutting the pre-cats will not make it stay on if you get MIL eliminators. They can either be made by one of CEG "DIY-ers" or you can buy them already made with male/female connectors from Dallas Mustang

Good luck to you if you do this though and becareful