has anyone gutted their cats?

i'm looking to purchase a weekend/track car and i just learned that one of the ones i'm looking at has gutted cats. there are no emissions regulations that I will need to comply with going forward so i'm not so concerned about that (sorry and yes, please egg me green peace) but want to know if there are any major concerns about the vehicle/engine going forward. from time to time the CEL supposedly (haven't seen it come on yet) comes on due to an o2 sensor fault. If anyone has gutted their cats please chime in. Thank you.