i would say you can cut the cats and o2 sensor of 94 and older for sure.
Not to be a dick about it, but I'd hate to see someone actually follow this advice.
It's one thing to hack the hell out of your own shit, but to make a suggestion like this is just plain bad advice.
Not only will cutting the o2 cause crappier mileage and emissions, but cutting both of those isn't even legal (at least I know for sure the cat, but the o2 is pretty much an emissions device).
There's no reason to cut the o2 sensor, the computer uses this sensor to help in the air/fuel calculation. Without it, it uses a built in table in the computer for the values, which is rich biased to be on the safe side.
I think the CEL alone would drive me crazy enough as it is. Now you can't tell what is going on with the computer as far as when it comes to diagnosing a problem.
I wouldn't be suprised if you replied back that you taped, busted, or disconnected the CEL. This site is for fixing shit, not rigging it.
Pete