Catalytic converter or no? pros & cons? o2 sensor relocation's?
Others may not agree, but I used to work in a shop with some guys that did a lot of performance rebuilding, modding, and aftermarket exhaust stuff. We removed the cats and put high flowing true duals on many of these 2nd gen rams & dakotas, and it always resulted in about a 5-7 mpg increase in fuel economy on an otherwise stock engine. Depending on how much driving you do, this alone could warrant changing the exhaust. Performance was always noticeably better as well, with a marked improvement on the dyno in both horsepower and torque over the factory exhaust. However, if you need to repair your plenum gasket, I doubt you would notice much improvement in performance or mileage, even with headers and straight pipes. Relocating the O2 sensors wasn't too difficult, when using longtube headers we simply used collectors with built in O2 sensor bungs, and when using shorties or stock manifolds, we welded an O2 sensor **** into each exhaust pipe. (or in one if there was only 1 sensor) Again, whether it's worth the upgrade or not is probably a matter of personal preference and/or driving habits. If you use the truck once in a while on a weekend, it might not be worth it to save a few gallons of gas here and there. But, if you drive it daily, or make lots of long trips in it, then even an increase of just 5 mpg could save you hundreds over the course of a year.
Dave