If you install headers you will do away with the cats as the stock cats are part of the stock exhaust manifold, headers you would have to add them aftermarket. The late model stock set-up flows better.
Everyone has their preference as to exhaust choice, Personally I like the sound of the old flowmaster best and have them on my 93, I have Corsa on my 91 for better flow. Both will pass sound laws but the Corsa is loud at WOT.
http://www.zr1specialist.com/HAT%20W...%20Systems.pdf