Yes, Ive heard that too. Not contradicting myself but yes, you can remove the cat. Just didnt want to give the guy categorical (no pun intended) advice to remove it, as its something Ive never done personally. But you are totally correct, Kneepad.
Going down the chip route will be good, definitely. Have someone I know will be very interested in hearing your progress/what chip you use, etc. Much black smoke has been spoken of, after chipping; hence my concerns relating to mot.
GSX, sounds like you're pretty on the ball. You're correct about the gains with a different exhaust, and also realsitic that it wont be huge a difference.
I would suggest do the exhaust before chipping, purely as the reduced back pressure may need to be accounted for when it comes to the reprogrammed ECU.
Best of luck, look forward to hearing progress!