If you have no cats the warning system is completely redundant. Without cats there is no way for any unburnt fuel to ignite therefore causing a overheat/slow down light.
My non-cat (UK spec) 2.7 348 still has the Thermocouples and the boxes providing SDL and bank shut downs. I think this is for general engine protection if something goes wrong, mainly if running too lean, I believe. There are also cheap (China made) EGT gauge sets, including Thermocouples, at some 30-40 USD. Good for real time EGT monitoring and bank balancing. Example of an analogue one: Image Unavailable, Please Login