Others may chime in here, but I believe tampering with the emissions control system is against federal law.
That said, if your cat is robbing you of that much power, it is time to replace it. It's like saying "my muffler is robbing me of too much power, I think I'll remove it"...If they function properly, they don't restrict these smaller engines enough to lose a lot of power. Gaining 8 to 14 horsepower by removing these two items is a little unrealistic, too. Your gains would be more around 1 to 3 horses.
Provided you haven't done it, a good tune up may surprise you as to what it will do. Also, intake mods would give you more bang for the buck, as chances are your exhaust can already flow way more air than your engine can. A mild intake polish would be a good start, and shouldn't cost much past $50.
Also, someone on here may be able to point you toward under-drive pulleys, to free up what little power there is to be had in these 4 bangers. Although many may tell you otherwise, you might also scrounge the junkyards for a good electric fan and controller. Also, check your rear-end gear ratio, changing to a 4.10 ratio rear end will give you more punch off the line, but you won't have as high a top speed.
Not to sound discouraging, but enjoy the truck for what it is, an economical daily driver. The 4 cyl trucks were never meant to be power hungry hot-rods. With the meager 100 horsepower in my 92, a set of overload shocks and a heavy duty clutch, I have crossed the scale at the local dump with over 1 ton in the bed, and hauled well over a half ton at highway speeds easily. It may not have been quick getting to those speeds, but it wasn't a struggle to keep it there.
I know this is for the 2.3, and has been posted here numerous times, but check out this page, he has some decent tips. I'm skeptical about some of the power gains he claims for some of it, but quite a bit of the website is good information, and worth experimenting with.
http://www.cadvision.com/blanchas/Ranger/index.html